New Destiny Signs Amended and Rested Option Agreement with Central America Mining Corp. and Central American Mining Corp. S.A.
NEW DESTINY MINING CORP.
Suite 1330 - 1075 W. Georgia Street Vancouver, BC V6E 3C9 Telephone: (604) 783-0499
Trading Symbol: NED
NEWS RELEASE
NEW DESTINY SIGNS AMENDED AND RESTED OPTION AGREEMENT WITH CENTRAL AMERICA MINING CORP. AND CENTRAL AMERICAN MINING CORP. S.A.
Vancouver, Canada – December 3, 2014. New Destiny Mining Corp. (“New Destiny” or the “Company”) (NED:TSX-V) announces that, further to its news release of June 30, 2014, it has entered into an amended and restated option agreement (the “Amended Option Agreement”) with Central America Mining Corp. (“CAMC”) and Central American Mining Corp. S.A. (“CAMC.SA”). Pursuant to the Amended Option Agreement, the Company may purchase up to an undivided 100% beneficial right, title and interest in and to the mineral concessions which comprise the 8,570.36 hectare Fuente De Oro property located in the Santa Domingo district of Nicaragua (the “Property”), subject to a 3% royalty in favour of the Nicaraguan Government (in accordance with applicable Nicaraguan mining laws) and the surface rights held by third parties. The Amended Option Agreement replaces and supersedes the original option agreement between the Company and CAMC dated June 26, 2014.
Under terms of the Amended Option Agreement, subject to TSX Venture Exchange (the “Exchange”) approval, New Destiny has the option to earn an undivided 80% beneficial right, title and interest in and to the Property by completing $400,000 in exploration expenditures on the Property, making $325,000 in cash payments and issuing 3,900,000 common shares as follows:
| Date | Cash Payment | Share Issuance | Expenditure | |
|---|---|---|---|---|
| Requirement | ||||
| On signing of the letter of intent in respect of the Company’s acquisition of the Property | $15,000 (paid) | N/A | N/A | |
| Within five days from the date of Exchange approval of the Amended Option Agreement (the “Acceptance Date”) | $60,000 | 2,000,000 Common Shares | $50,000 | |
| On the date which is one year and a day from the Acceptance Date | $100,000 | 1,500,000 Common Shares | $150,000 | |
| On the date which is two years from the Acceptance Date | $150,000 | 400,000 Common Shares | $200,000 | |
| Total | $325,000 | 3,900,000 | $400,000 |
The Company can acquire an additional undivided 20% beneficial right, title and interest in and to the Property, bringing the Company’s total interest to 100%, in consideration of a one-time payment of 200 ounces of gold or cash equivalent.
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Subject to Exchange approval, the Company proposes to pay a cash finder’s fee of $17,500 to an arm’slength finder, in consideration of same finder’s introduction of the Company to CAMC and assistance with the entry into the Amended Option Agreement.
For further information on New Destiny, please visit our website at www.newdestinymining.com, or contact Greg Olesen, New Destiny’s President and Chief Executive Officer, at (604) 783-0499.
ON BEHALF OF THE BOARD OF DIRECTORS
“Greg Olesen”
Greg Olesen, President and Chief Executive Officer
NEITHER 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.