Mako Mining Expands Its Mineral Concessions IN Nicaragua
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December 17, 2019
PRESS RELEASE - #19-21
TSX-V: MKO
MAKO MINING EXPANDS ITS MINERAL CONCESSIONS IN NICARAGUA
Mako Mining Corp. (TSX-V: MKO) (“Mako” or the “Company) is pleased to announce the purchase of the
Potrerillos exploration and exploitation concession (“Potrerill os Concession”) formerly owned by a subsidiary of
Condor Gold Plc (“Condor”) for US$600,000.
The Potrerillos Concession comprises 12 square kilometers of su b surface mineral rights and is contiguous to and
along strike from Mako’s San Albino gold project in Nueva Segov ia, Nicaragua (“San Albino”). Please see
attached map.
The Potrerillos Concession is valid until December 2031 with th e ability to renew for an additional 25 years, and
was explored by Condor between 2007 and 2009, with a number of channel samples taken on trenches and former
mine adits.
Akiba Leisman, Chief Executive O fficer of Mako states that, “th is is an important acquisition for Mako. Recent
drilling indicates that the Potrerillos Concession is along str ike and down dip of San Albino. Now that we have
access to this concession, we plan to immediately begin explora tion work to evaluate our ability to expand San
Albino.”
Transaction Highlights
Condor has signed an irrevocable undertaking that, subject to the approval of the Nicaraguan Ministry of Mines and
Energy (“MEM”) by December 2020, it shall transfer (the “Transf er”) to Nicoz Resources, S.A. the Potrerillos
Concession. Transfer documents have been filed with MEM.
Within five days of the Transfer being approved by MEM, taxes o f up to US$90,000 shall become due to the fiscal
authorities in Nicaragua, being 15% of the agreed consideration value of US$600,000, which Mako and Condor
have agreed to bear equally. To this extent, US$600,000 in cash has been paid by a subsidiary of Mako to Condor
and US$45,000 has been placed into an escrow account by each of Mako and Condor with a third party agent, to be
released and paid out upon approval of the Transfer. The net c onsideration to Condor from the sale of the
Potrerillos Concession after deduction of taxes is approximately US$555,000.
Qualified Person
John M. Kowalchuk, P.Geo, a ge ologist and qualified person (as defined under NI 43-101) has read and approved
the technical information contained in this press release. Mr. Kowalchuk is a senior geologist and a consultant to
the Company.
On behalf of the Board,
Akiba Leisman
CEO
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About Mako
Mako Mining Corp. is a publicly listed gold mining, development and exploration firm. The Company is
developing its high-grade San Albino gold project in Nueva Sego via, Nicaragua. Mako’s primary objective is to
bring San Albino into production quickly and efficiently, while continuing exploration of prospective targets in
Nicaragua.
For further information: Mako Mining Corp., Akiba Leisman, Chie f Executive Officer, Telephone: 203-862-7059,
E-mail: [email protected] o r v i s i t o u r w e b s i t e a t www.makominingcorp.com a n d S E D A R
www.sedar.com.
Forward-Looking Information: Some of the statements contained herein may be considered “forward-looking information”
within the meaning of applicable securities laws. Forward-looking information is based on certain expectations and
assumptions, including that further drilling will prove Potrerillos Concession to be along strike and down dip of San Albino
and support expansion at San Albino; that the Company will immediately begin exploration work to evaluate our ability to
expand San Albino as a result of the purchaser of the Potrerillos Concession; that the approval of the Nicaraguan Ministry of
Mines and Energy (“MEM”) by December 2020 will be obtained and Condor will then transfer to Nicoz Resources, S.A. the
Potrerillos concession. Such forward-looking information is subject to a variety of risks and uncertainties which could cause
actual events or results to differ materia lly from those reflected in the forward- looking information, including, without
limitation that further exploration does not support the Potrerillos Concession being along strike and down dip of San Albino
as currently expected; that the MEM does not approve the Transfer within the timeframe agreed upon with Condor and the
Transfer is not completed; political ri sks and uncertainties involv ing the Company’s explora tion and development of its
mineral properties; the inherent uncertainty of cost estimates and the potential for unexpected costs and expense; commodity
price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties. Such
information contained herein represents management’s best judgment as of the date hereof, based on information currently
available and is included for the purposes of providing investors with the Company’s plans and expectations regarding the
purchase of the Potrerillos Concession and the potential for expansion at its San Albino project as a result, and may not be
appropriate for other purposes. Mako does not undertake to u pdate any forward-looking inform ation, except in accordance
with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Prov ider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.