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Pacifico secures option to acquire Violin gold-copper project in Mexico

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Pacifico secures option to acquire Violin gold-copper project in Mexico

Pacifico Minerals Ltd. signed an option to acquire the Violin gold-copper project in Mexico by acquiring all the issued share capital of project owner Minera GS SA de CV.

The company was granted a nine-month exclusive option for US$50,000 and 10 million shares, plus an approximately US$47,000 exploration spend on the property in 2018. Pacifico has full access to the Violin project and may complete an exploration program, including a drilling program.

Should Pacifico exercise the option, it will pay US$250,000 and 20 million shares to the vendor. Should the gold price reach US$1,500 per ounce on or before the exercise of the option, Pacifico will issue an additional 10 million shares.

In addition, the vendor will receive up to A$4 million upon meeting certain resource estimate milestones.

The deal is subject to meeting a number of conditions, including the signing of a formal agreement and obtaining government, regulatory and shareholder agreements.