York Stock E USD$5,000,00 two minin g (the “Project About the Tr Concurrent t S.A. de C.V. subsidiary of MON must acquiring a 7 Pursuant to t (the “Option the “Expendi Payme On or Agreem On o r Mexica On o r Mexica
October 20
ALORO
ALORO MIN
agreement (t
York Stock E
USD$5,000,00
two minin g
(the “Project
About the Tr
Concurrent t
S.A. de C.V.
subsidiary of
MON must
acquiring a 7
Pursuant to t
(the “Option
the “Expendi
Payme
On or
Agreem
On o r
Mexica
On o r
Mexica
Provided the
accordance w
Paym
Upon
On or
Agree
On o
Mexic
0, 2020
O ENTERS
NING CORP
he “Option A
Exchange liste
00 in explorat
concessions
”) located in t
ransaction
to the entr y o
A. (“MON”)
f Aloro, hav e
make certai n
70% interest in
the terms of t
n”) by incu r
itures”) in acc
ent Date
before the fir
ment
r before the
an Agreemen
r before th e
an Agreemen
e Mexican Ag
with the terms
ment Date
n entry into of
r before the fi
ement
or before th e
can Agreemen
S INTO AN
P. – (the “Com
Agreement”)
ed issuer. Ala
tion expendit
(title numb e
the Municipa
of the Option
) and Explor a
e entered int o
n exploratio n
n the Project.
the Mexican
rring an a gg
cordance with
rst anniversar
second an n
nt
e third an n
nt
greement rema
s of the Optio
f the Mexican
irst anniversa
e second a n
nt
N OPTION
mpany or Alor
with Alamos
amos may acq
tures and ma
rs 244241 a n
ality Sahuarip
Agreement,
aciones Aloro
o an Option A
n expenditur e
Agreement, M
gregate of U
h the schedul
ry of the Mex
niversary of
niversary of
ains in good
on Agreement
Agreement
ary of the Mex
nniversary o f
AGREEM
ro”) is please
s Gold Inc. ( “
quire a 70% i n
king certain c
nd 246230), c
pa, in the State
Alamos’ who
o, S.A. de C. V
Agreement (t
es and cash p
MON has th e
USD$5,000,00
le set out belo
ican
the
the
standing on t
t, pay the follo
xican
f the
F
ENT WITH
ed to announc
“Alamos”), a
nterest from A
cash paymen
commonly k n
e of Sonora, M
olly owned s u
V. (“Explorac
the “Mexican
payments o n
e option to a c
00 in explo r
ow:
Exp
USD$500,
USD$1,50
USD$3,00
the applicable
owing amoun
Cas
U
US
US
TSX.V
FRANKFU
H ALAMO
ce that it has e
Toronto Stoc
Aloro by incu
nts over the co
nown as the
Mexico (the “T
ubsidiary, Mi
ciones”), a w h
n Agreement”
n behalf of E
cquire a 70%
ration expe n
penditures
,000 (mandato
00,000 (option
00,000 (option
e anniversary
nts in cash to
sh Payment
USD$50,000
SD$125,000
SD$150,000
V Symbol
URT Symbo
S GOLD IN
entered into a
ck Exchange a
urring an agg
ourse of three
Los Venad o
Transaction”)
inas de Oro N
holly owned
”), pursuant
Exploraciones
interest in t h
nditures (co l
ory)
nal)
nal)
y date, Alamo
the Company
AORO
ol 4LPP
NC.
an option
and New
gregate of
e years in
os Project
).
Nacional,
Mexican
to which
prior to
he Project
llectively,
os will, in
y:
1085 - 555 Burrard Street
P.O. Box 201
Vancouver, BC V7X 1M8
Canada
Tel: (604) 689-5722
Fax: (604) 685-9182
Email: [email protected]
In addition, Alamos will make certain cash payments to the underlying optionor to match Aloro’s payment
obligations pursuant to an underlyi ng option agreement for Los Venados 1 mineral concession (title number
244241). Such payments will be made on the Company’s behalf as such payments become due and payable in
accordance with the terms of the underlying option ag reement, provided the Mexican Agreement is in good
standing on the following dates:
Payment Date Cash Payment
Upon entry into of the Mexican Agreement CAD$20,000 (mandatory) + IVA
On or before October 6, 2021 CAD$60,000 + IVA
MON will also be responsible for the payment of the semi -annual mineral taxes due on both of the concessions
within the Project, provided the Mexican Agreement is in good standing
Once MON has acquired the 70% interest in the Project, MON and Exploraciones have agreed to contribute to
further exploration and development work on the Projec t on a pro rata basis according to their respective
interests in the Project. Should either party decide not to contribute any part of its pro rata portion of any
further work, then its interest will be diluted on a pro rata basis using a formula based on the total expenditures
on the Project.
Net Smelter Returns Royalty
Upon completion of making the necessary payments and incurring the Expenditures, MON may exercise the
Option and, upon doing so, will have earned a 70% in terest in the Project and the Los Venados 1 mineral
concession (title number 246230) will be subject to a 2% net smelter return royalty in favor of Aloro, of which 1%
can be repurchased by MON for USD $1,500,000.
Thomas A. Doyle, President and CEO of the Company, commented, “I am happy to have reached an agreement
with Alamos after many months of discussions and negotiations. Alamos has extensive knowledge of the
geology in the immediate area with their operation of the Estrella pit which is approximately 600 meters from
our common border. Alamos has the experience, technical expertise, technical equipment, staff and large camp
with airstrip, basically onsite. If a discovery is found on the Los Venados Project, they have the infrastructure in
place. I am sure that Alamos will do a thorough job of exploring the large 32 sq km project ”
About Aloro Mining Corp.
Aloro controls the 3199 -hectare Los Venados Project which is located in the central part of the Mulatos Gold
District and is directly adjacent to the active Mulatos open pit of Alamos Gold Inc. and shares common borders
to the south, east, and portions of the north. The west ern border is shared with Agnico Eagle Mines Limited
where it operates the La India open pit. The known mineralization within the Mulatos District is gold-
dominant, with accessory silver and copper.
ALORO MINING CORP.
Per: “Thomas A. Doyle”
Thomas A. Doyle
President & CEO
http://www.aloromining.com
For further information, please contact:
Thomas A. Doyle
Phone: (604) 689-5722
Email: [email protected]
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.