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McEwen Mining acquires Mexican gold project from Almadex Minerals

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McEwen Mining acquires Mexican gold project from Almadex Minerals

Almadex MineralsLtd. said May 2 that it has sold its El Encuentro gold project in Mexicoto McEwen Mining Inc.for US$250,000 and a 2% net smelter return royalty.

The El Encuentro project consists of six claims and is locatedabout 10 kilometers from McEwen's operating El Gallo Complex gold-silver mine.

If McEwen fails to start commercial production at the projectby Jan. 1, 2021, it will pay advance annual royalty of up to US$100,000, from thatday. Almadex can re-purchase the project claims if McEwen chooses to relinquishthem in the future.

Four of the six El Encuentro project claims were optioned froman underlying owner and are subject to litigation, which will now be assumed byMcEwen. The cash payment relating to these four claims was made on closing.

Pending a favorable outcome to the litigation, the 2% NSR royaltyon the four claims under litigation will also be payable.