Mr. Michael Bennett of Altamira reports
ALTAMIRA ANNOUNCES SALE OF TOM AND SICKLE GOLD PROJECTS IN NORTHWEST TERRITORIES, CANADA TO TERRAX MINERALS
Altamira Gold Corp. has signed a binding agreement with Terrax Minerals Inc. regarding the sale of Altamira's 100-per-cent interests in the Tom and Sickle claims located in the Northwest Territories of Northern Canada.
As part of the agreement, Terrax will pay Altamira a total of $25,000 cash and 250,000 shares of Terrax. Altamira will retain a 2-per-cent net smelter returns royalty. The agreement is subject to the approval of the TSX Venture Exchange and is expected to close by the end of September.
The Tom and Sickle projects are located north of Yellowknife and adjacent to and within Terrax's Yellowknife City gold project. The Sickle project is completely enclosed by ground controlled by Terrax and has had limited previous drilling. The Tom project was a small historic producing gold mine.
Commenting on the agreement, Mike Bennett, president and chief executive officer, stated: "We are very pleased to have divested these projects to Terrax which adjoin their Yellowknife City gold project. Altamira's focus is on our Brazilian projects in the Alta Floresta gold and copper belt. We are excited to become shareholders of Terrax and wish them the very best of luck in their quest for a significant gold deposit in the NWT."
Terrax Minerals president and CEO David Suda comments, "We are pleased with the amicable acquisition of the Tom and Sickle claims and look forward to integrating these properties into our land package and to having Altamira Gold as shareholders."
About Altamira Gold Corp.
The company is focused on the exploration and development of gold deposits within west-central Brazil. The company holds 12 projects comprising approximately 200,000 hectares, within the prolific Juruena gold belt which historically produced an estimated seven million to 10 million ounces of placer gold. The company's advanced Cajueiro project has National Instrument 43-101-compliant resources of 8.64 million tonnes at 0.78 gram per tonne Au (for 214,000 ounces) in the indicated resource category and 9.53 million tonnes at 0.66 g/t Au (for 204,000 ounces) in the inferred resource category and an additional 1.37 million tonnes at 1.61 g/t Au in oxides (for 79,000 oz in saprolite) in the inferred resource category.
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved.