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Auryn Resources acquires Tacora, Andamarca properties in Peru

Auryn Resources Inc. said Aug. 3 that it acquired the rights to the Tacora and Andamarca properties contiguous to its Huilacollo gold project in Peru through two separate transactions with private Peruvian owners.

The Tacora acquisition will see Auryn paying US$200,000 upon signing the transfer deed in favor of Corisur Peru SAC, while the company will pay US$450,000 upon signing the transfer deed for the Andamarca property.

As part of the deals, the Tacora concessions will remain subject to a 0.5% net smelter royalty, half of which may be repurchased for US$500,000. The Andamarca concession will also be subject to a 1.5% net smelter royalty, with half of the royalty purchasable for US$2.5 million.

The new properties add 1,100 hectares to Auryn's existing land package in the area. The company's Huilacollo project now consists of 3,100 hectares within the Pliocene gold-silver epithermal belt and has a pending application for an additional 19,000 hectares of mineral licenses within the Pliocene belt.

Auryn expects the additional license to be granted in the fourth quarter.