Ryan Gold Corp. Announces Receipt of US$1.35 Million Under Amended Option Agreement
06 Dicembre 2013 - 3:00PM
Marketwired
Ryan Gold Corp. Announces Receipt of US$1.35 Million Under Amended
Option Agreement
TORONTO, ONTARIO--(Marketwired - Dec 6, 2013) - Ryan Gold Corp.
(TSX-VENTURE:RYG) ("Ryan Gold" or the "Company") announces that it
has amended the option agreement (the "Agreement") with respect to
the sale of the Company's Los Jarros and Jarros Norte Properties
(the "Properties") in Mexico. Under the current closing terms
Minera Frisco SAB de CV ("Minera Frisco") has purchased the
Properties by making a final US$1.35 million payment to Minera
Valdez SA de CV ("Minera Valdez"), the Company's 100% owned
subsidiary.
In August 2010, Minera Valdez and the Company entered into an
Agreement with AuRico Gold Inc. ("AuRico") to sell the Properties
for US$2.5 million, with payments staged over 4 years. Over the
first two years of the Agreement, AuRico made US$400,000 in
payments. A payment of US$400,000 was owed in August, 2013, and
$US1.7 million was to be owed in August, 2014. In addition, should
commercial production be initiated on the Properties, Minera Valdez
would be paid a royalty equal to 2% of the Net Smelter Returns
("NSR") from such production. If cumulative royalty payments
reached US$2.5 million, the NSR would be reduced to 1%. In
December, 2012 Minera Frisco acquired a number of assets from
AuRico, including the option to purchase the Properties.
Ryan Gold and Minera Frisco have agreed to amend the Agreement
as follows: rather than making two payments totaling US$2.1 million
by August 2014, Minera Frisco has made one US$1.35 million payment.
The NSR remains in place. This final payment concludes the sale of
the Properties.
This press release contains forward-looking statements
within the meaning of applicable securities legislation. Such
statements include, without limitation, statements regarding the
future results of operations, performance and achievements of the
Company, including potential property acquisitions, the timing,
content, cost and results of proposed work programs, the discovery
and delineation of mineral deposits/resources/reserves, geological
interpretations, proposed production rates, potential mineral
recovery processes and rates, business and financing plans and
business trends. Although the Company believes that such statements
are reasonable, it can give no assurances that such expectations
will prove to be correct. Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which,
by their nature, refer to future events. The Company cautions
investors that forward-looking statements by the Company are not
guarantees of future results or performance, and that actual
results may differ materially from those in forward-looking
statements as a result of various factors, including, but not
limited to, variations in the nature, quality and quantity of any
mineral deposits that may be located, significant downward
variations in the market price of any mineral that may be produced,
the Company's inability to obtain any necessary permits, consents
or authorizations required for its activities, to produce minerals
from its properties successfully or profitability, to continue its
projected growth, to raise the necessary capital or to be fully
able to implement its business strategies. All of the Company's
public disclosure filings may be accessed via www.sedar.com and
readers are urged to review these materials, including any
technical reports filed with respect to the Company's mineral
properties. This press release is not, and is not to be construed
as an offer to buy or sell securities in the United
States.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Ryan Gold Corp.David SchmidtVP Corporate Development(604)
639-3119
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