Mitchall Mines and Minerals Limited Agree Interim Agreement to Acquire Substantial Gold Project in Morona-Santiago Province, Ecuador
Mitchall Mines and Minerals Limited is pleased to announce that it has entered into an interim agreement to acquire all of the assets of a gold project located in Morona-Santiago Province, Ecuador, which is only 8 kilometers away from its existing site Mera site.
In order to acquire the site, Mitchall Mines and Minerals Limited has agreed to fund all working capital required and in connection with the proposed acquisition, Mitchall Mines and Minerals Limited will complete the transaction within 90 days.
The new site is comprised of 39 unpatented claims and 11 patented claims, which have over 7,000 meters of historic drilling. Historic resources estimate the gold reserves on the project to total approximately 28,000 ounces indicated and a further 21,000 ounces inferred, based on historic resource estimates.
"We are restricted on being able to disclose to the public any further details in relation to this acquisition agreement until it has been finalized by both parties," said Mr. Julian Chambers, Co-Founder & CEO of Mitchall Mines and Minerals Limited.
This new project will significantly expand the company's gold exploration portfolio although Mitchall Mines will not make any further announcements until the required security holder approval and the negotiation and execution of definitive documentation with respect to the transaction are completed.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. the securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws and may not be offered or sold in the United States or to U.S. persons except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.
