Mantaro Precious Metals Corp. Acquires 51% Interest in Golden Hill Property
Mantaro Precious Metals Corp. Acquires 51% Interest in
Golden Hill Property
VANCOUVER, BC
,
Aug. 25, 2022
/CNW/ -
MANTARO PRECIOUS METALS CORP.
(TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ)
(the "Company") is pleased to announce that it has exercised its option to acquire a 51% in the share capital of
Minera Golden Hill
S.R.L
. ("MGH"), which owns the Golden Hill Property, located in
Bolivia
.
In order to exercise its option to acquire an initial 51% of the shares of MGH, the Company issued a total of 2,000,000 common
shares and 1,000,000 share purchase warrants, made cash payments of US
$500,000
and incurred a minimum of US
$250,000
of
exploration expenditures at the Golden Hill Property during the last year. The Company continues to have the option to earn up to an
80% interest in MGH, which option terms as set out in detail in the news release dated
August 25, 2021
.
Craig Hairfield
, Chief Executive Officer of the Company states, "Mantaro is excited to continue its partnership with
Minera Golden
Hill
after a year of extensive work and exciting results at the Golden Hill Property.
Minera Golden Hill
has proven to be a valuable
local partner that is instrumental to the continued success of our work programs in
Bolivia
. This option exercise represents an
important step for Mantaro towards its goal of advancing high-quality, district-scale mineral properties. We are excited to invest and
operate in
Bolivia
as the country continues to demonstrate its vast mineral potential and commitment to further developing its
mineral mining industry."
Luis Fernando Kinn
, General Manager of Minera Golden Hill states, "
Minera Golden Hill
is pleased to be working with Mantaro
Precious Metals to advance and realize the full potential of the Golden Hill Project. We have proven that any foreign company may
invest in
Bolivia
under a safe corporate environment and with current regulations that are motivating private companies to strengthen
the Bolivian mining industry. Mantaro was chosen as our partner due to their strong knowledge and experience with greenfield
exploration programs and we are excited to see the results from the recent drilling program as well as future work programs at
Golden Hill."
San Jose Silver Property
The Company's board of directors has made the decision to focus its capital on its core properties, the Golden Hill Property and
Santas Gloria Silver Property. Accordingly, the Company has elected to relinquish its interest in its non-core San Jose Silver Property.
About Mantaro Precious Metals Corp.
Mantaro Precious Metals Corp. is a
British Columbia
company that holds a diversified portfolio of gold and silver focused mineral
properties in
Bolivia
and Peru. The Company's holds an option to acquire up to an 80% interest in the advanced Golden Hill Property
("
Golden Hill
"), located in the underexplored, orogenic Bolivia Shield,
Bolivia
.
The Company also has a 100% interest in the high-grade Santas Gloria Silver Property as well as a 100% interest in each of the La
Purisima,
Cerro Luque
and Huaranay Properties (collectively, the "
Silver Properties
"). The Silver Properties are located in
Peru
.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this
news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not
guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include,
among other things: risks and uncertainties relating to Company's limited operating history and the need to comply with environmental
and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates,
beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable
securities legislation, the Resulting Issuer undertakes no obligation to publicly update or revise forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by
law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE
Mantaro Precious Metals Corp.
View original content:
http://www.newswire.ca/en/releases/archive/August2022/25/c4788.html
%SEDAR: 00028103E
For further information:
Leo Karabelas, Phone: (647) 689-6041, E-mail: [email protected]
CO: Mantaro Precious Metals Corp.
CNW 08:15e 25-AUG-22