10:43:33 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Advance Gold Corp (2)
Symbol AAX
Shares Issued 10,489,671
Close 2017-09-11 C$ 0.08
Market Cap C$ 839,174
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Advance Gold to buy Tabasquena silver mine

2017-09-11 13:47 ET - News Release

Mr. Allan Laboucan reports

ADVANCE GOLD ACQUIRES 100% INTEREST IN TABASQUENA SILVER MINE IN ZACATECAS, MEXICO

Advance Gold Corp.'s wholly owned Mexican subsidiary, Advance Gold SA de CV (Advance Mexico), upon regulatory approval, will acquire a 100-per-cent interest in the Tabasquena silver mine in Zacatecas, Mexico.

Allan Barry Laboucan, president and chief executive officer of the company, said: "We have been able to position ourselves in a silver project that remains open for exploration in one of the most prolific silver districts worldwide. In fact, we share the same geological structure as several important Mexican mines. Our vending partners, who will become significant shareholders in the company, will retain an NSR and will help us develop the Tabasquena project as they bring local knowledge and experience needed for permitting, community relations and geological understanding. Our vending partners are key to rapidly advancing the Tabasquena project. Our small share float and timing to acquire this silver project with precious metal prices performing well has us well positioned for growth."

Upon receipt of regulatory approval, Advance Gold will issue to Hot Spring Mining, a Mexican-based corporation, one million common shares, which will be subject to a statutory four-month hold period, in exchange for which Hot Spring Mining will transfer a 100-per-cent interest in the mining concessions to Advance Mexico. Hot Spring Mining will retain a 2.5-per-cent NSR (net smelter return), of which Advance Mexico has the right to buy 1.5 per cent at a rate of $500,000 per 0.5 per cent.

Two of the managing partners of Hot Spring Mining, Gilberto Zapata Castaneda and Jose de Jesus Parga, will become advisers to Advance Gold.

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