Scorpio Gold Closes Sale of Pinon Properties to Gold Standard Ventures
05 Marzo 2014 - 6:16PM
Marketwired
Scorpio Gold Closes Sale of Pinon Properties to Gold Standard
Ventures
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 5, 2014) -
Scorpio Gold Corporation ("Scorpio Gold" or the "Company")
(TSX-VENTURE:SGN) reports today that it has closed the sale of
certain of its mining interests in Nevada (the "Pinon Properties")
to an affiliate of Gold Standard Ventures Corp. ("Gold Standard"),
as originally announced in the Company's news release dated January
29, 2014. The Pinon Properties are located in Elko County, at the
southern end of the prolific Carlin Trend.
Transaction Highlights
- Gold Standard has agreed to pay Scorpio Gold a total of
CAD$8,500,000 in cash and issue Scorpio Gold 5,500,000 common
shares in its capital stock.
- Of the CAD$8,500,000 cash consideration, CAD$6,000,000 was paid
at or prior to closing, and CAD$2,500,000 is to be paid within one
year after closing.
- All of the 5,500,000 Gold Standard shares were received at
closing, and are subject to an orderly sale restriction and voting
trust agreement.
- Subject to certain conditions, Scorpio Gold may also receive
bonus consideration of up to a further 1,250,000 common shares of
Gold Standard if certain levels of mineral resources are
established on the Pinon Property while Gold Standard holds its
interest therein, and bonus cash consideration of between
CAD$1,500,000 and CAD$3,000,000 on a sliding scale if the Pinon
Property or Gold Standard are sold for an aggregate transaction
value of between Cdn.$100,000,000 and Cdn.$300,000,000 or
greater.
Peter J. Hawley, CEO comments: "We are very pleased to conclude
this transaction in a timely manner and would like to thank all
parties involved. The Company will use the CAD$5,750,000 paid on
closing to pay down approximately half of our outstanding debt,
further strengthening our balance sheet. The common shares of Gold
Standard provide the Company's shareholders with continued exposure
to the Pinon Project, and also the rapidly advancing Railroad
Project as well. The combination of the two projects creates a
large and consolidated land package in Nevada's premier gold camp,
the Carlin Trend."
About Scorpio Gold
Scorpio Gold holds a 70% interest in the Mineral Ridge gold
mining operation located in Esmeralda County, Nevada with joint
venture partner Waterton Global Value L.P. (30%), and is currently
entitled to receive 80% of cash flow generated. Mineral Ridge is
currently in production as a low cost conventional open pit mining
and heap leach operation. The Mineral Ridge property is host to
multiple gold-bearing structures, veins and lenses at exploration,
development and production stages. Scorpio Gold also holds a 100%
interest in the advanced exploration-stage Goldwedge property and
processing facility in Manhattan, Nevada. The Company is assessing
its exploration plans for Goldwedge as well as the potential for
toll milling at the Goldwedge plant, which is currently permitted
for 400 tons per day.
Scorpio Gold's CEO, Peter J. Hawley, PGeo, is a Qualified Person
as defined by National Instrument 43-101 and has reviewed and
approved the content of this release.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Peter J. Hawley, CEO
Neither 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.
The Company relies on litigation protection for forward-looking
statements. This news release contains forward-looking statements
that are based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterized by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur, and include, without limitation, statements regarding
any potential future bonus consideration payable in respect of the
sale of the Pinon Property and any potential future value of the
Gold Standard Shares held by the Company. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ
materially from estimated or anticipated events or results implied
or expressed in such forward-looking statements, including risks
involved in, risks involved in exploration programs and those risk
factors outlined in the Company's Management Discussion and
Analysis as filed on SEDAR. Any forward-looking statement speaks
only as of the date on which it is made and, except as may be
required by applicable securities laws, the Company disclaims any
intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty thereof.
Scorpio Gold CorporationSteve RoebuckPresident(819)
825-7618sroebuck@scorpiogold.comwww.scorpiogold.comInvestor
Relations:Jim Macdonald, Torrey Hills Capital(858)
456-7300jm@sdthc.com
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