Colibri Resource Corp and Tocvan Ventures Finalize Option Agreement on Pilar Gold Project
Colibri Resource Corp and Tocvan Ventures
Finalize Option Agreement on Pilar Gold
Project
DIEPPE, NB
,
Nov. 26, 2019
/CNW/ - (CBI-TSXV) Colibri Resource Corporation ("Colibri" or the
"Company") wishes to announce that Tocvan Ventures has completed all necessary due diligence
and has finalized their option agreement dated
September 22
nd
with Colibri. The agreement allows
Tocvan to acquire 51% interest in the Pilar project located in
Sonora Mexico
.
Under the terms of the agreement Tocvan has now advanced the first year's cash payment of
$125,000
to Colibri and issued 2,000,000 common shares of Tocvan to Colibri. Under the terms of
the agreement Tocvan must now complete
$2,000,000
of exploration on the property over five
years, advance Colibri an additional
$275,000
over the 5-year period with
$50,000
due on the 1
st
anniversary date of the agreement and
$75,000
due on the 3
rd
, 4
th
and 5
th
anniversary dates.
Tocvan will also issue an additional 1,000,000 shares of the corporation to Colibri on the 3
rd
, 4
th
and
5
th
anniversary dates.
Once the above is satisfied Tocvan will have earned a 51% interest in the property and have the
option to acquire the additional 49% interest by making a further
$2,000,000
payment to Colibri and
issuing a 2% NSR within 6 months of fulfilling the obligations listed above.
Mark Smethurst
, a Director of Tocvan, commented:
"The Pilar property has the right features and
system to allow for great potential in defining a multimillion-ounce property."
Ian McGavney
, Colibri's COO states:
"The conclusion of this deal is significant for Colibri as the
Company can now firmly focus on advancing its highly prospective Evelyn and
El Mezquite
gold
projects to drilling phases. Colibri will continue to hold a significant interest in Pilar by way of
owning a material amount of Tocvan shares and not need to dilute its own share structure to
appreciate its upside."
Colibri management anticipates near term news releases highlighting structure, mineralization and its
path to drilling at Evelyn.
About Colibri Resource Corporation:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) focused on
acquiring and exploring properties in
Mexico
. The Company currently has five active exploration
properties at various stages of exploration.
For more information about all of our projects please visit:
www.colibriresource.com
.
We seek safe harbour.
SOURCE
Colibri Resource Corporation
View original content:
http://www.newswire.ca/en/releases/archive/November2019/26/c9636.html
%SEDAR: 00021936E
For further information:
Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-
4274, [email protected]
CO: Colibri Resource Corporation
CNW 13:03e 26-NOV-19