trending Market Intelligence /marketintelligence/en/news-insights/trending/9fj56uE5U1sRpunwZHo25g2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Miranda Gold inks LOIs to acquire 2 district-scale projects in Colombia

Blog

COVID-19 Impact & Recovery: Metals and Mining Outlook for H2 2021

Video

Climate Credit Analytics: Linking climate scenarios to financial impacts

Blog

Essential Metals & Mining Insights, April 2021

Blog

Global M&A Infographic Q1 2021


Miranda Gold inks LOIs to acquire 2 district-scale projects in Colombia

Miranda Gold Corp. said Jan. 20 that it signed letters of intent to acquire two significant district-scale epithermal vein systems in Colombia dubbed Mallama and San Lucas.

The Mallama project is part of a large district that contains more than 30 mapped intermediate sulfidation epithermal veins with strike lengths of over 4 kilometers, while San Lucas contains numerous high-grade veins extending for several kilometers.

The company completed a 30-day due diligence to enter into a binding purchase agreement with the vendor and has initially paid US$140,000 for Mallama. Miranda will pay an additional US$200,000 upon receipt of drill permits. The company will have a further 60-day period to draft a final binding purchase agreement.

The vendor will retain a 4% residual net proceeds royalty, with a minimum of US$1 million payable within three years at the start of commercial production, capped at US$4 million over the life of the mine.

Meanwhile, Miranda will complete a 30-day due diligence to enter into a binding purchase agreement with the vendor of San Lucas and will have a further 30-day period to draft a final binding purchase agreement following an initial payment of US$120,000 for license fees. About US$60,000 will be paid additionally. Miranda will pay a further US$75,000 upon receipt of drill permits.

Finally, a US$500,000 payment will be made when Miranda yields a NI 43-101 technical report showing 500,000 or more gold equivalent ounces in the measured and indicated categories.

The vendor will retain a 4% residual net proceeds royalty for San Lucas, with a minimum of US$1 million payable within three years at the start of commercial production, capped at US$4 million over the life of the mine.