Termination of Trilogy Option Agreement
TERMINATION OF TRILOGY OPTION AGREEMENT
December 10, 2019 Vancouver, BC. Patagonia Gold Corp. (“Patagonia” or the “Company”)
(TSXV: PGDC) announces the termination of its option agreement dated January 30, 2016,
as amended, with Trilogy Mining Corporation (“Trilogy”), American Mining Holdings Ltd.,
Ecovent S.A. and Minerales Cala S.A. (the “Option Agreement”).
Pursuant to the Option Agreement, Patagonia was granted the right to earn up to an 80%
interest to Trilogy’s San José advanced gold project in Uruguay. However, Patagonia has
elected to discontinue funding under the Option Agr eement and focus on the
development of the Cap Oeste underground project and advancement of Calcatreu.
Patagonia will pay Trilogy an amount of US$50,000 t o terminate the Option Agreement
and in exchange will receive common shares of Trilogy, that will result Patagonia owning
42.5% of the then issued and outstanding shares of Trilogy.
About Patagonia Gold
Patagonia Gold Corp. is a mining and development com pany listed on the TSX Venture
Exchange. The Company seeks to grow shareholder val ue through exploration and
development of gold and silver projects in the Pata gonia region of Argentina. The
Company is primarily focused on the Calcatreu project in Rio Negro and the development
of the Cap-Oeste underground project. Patagonia, ind irectly through its subsidiaries or
under option agreements, has mineral rights to over 350 properties in several provinces
of Argentina and Chile and is one of the largest landholders in the province of Santa Cruz,
Argentina.
For more information, please contact:
Dean Stuart
T: 403 617 7609
Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Corp
T: +54 11 5278 6950
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited
to, statements about the Company’s focus on growing shareholder value and the
development of the Cap Oeste underground project, a dvancement of the Calcatreu
project, payments to be made to Trilogy and the Company’s future plans and intentions.
LEGAL*48998140.2
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Wherever possible, words such as “may”, “will”, “sh ould”, “could”, “expect”, “plan”,
“intend”, “anticipate”, “believe”, “estimate”, “pre dict” or “potential” or the negative or
other variations of these words, or similar words o r phrases, have been used to identify
these forward-looking statements. These statements reflect management’s current beliefs
and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many
factors could cause actual results, performance or achievements to differ materially from
the results discussed or implied in the forward-loo king statements. These factors should
be considered carefully and readers should not plac e undue reliance on the forward-
looking statements. Although the forward-looking st atements contained in this news
release are based upon what management believes to be reasonable assumptions, the
Company cannot assure readers that actual results will be consistent with these forward-
looking statements. These forward- looking statemen ts are made as of the date of this
news release, and the Company assumes no obligation to update or revise them to reflect
new events or circumstances, except as required by law.
Neither the 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.