Mr. Gordon Lam reports
HERCULES ENTERS BINDING LETTER OF INTENT TO
ACQUIRE ECUADOR GOLD PROPERTY &
WELCOMES DIRECTOR
Hercules Resources Corp. has entered into a binding letter of intent to acquire a 51-per-cent interest in the
P3 Los Tres mineral concession code 10000775, located at Ponce Enriquez mining district,
province of Azuay, La Independencia parish, Republic of Ecuador. Consideration for the property purchase is $310,000 (U.S.) plus a proportional share of payments still owed to the property
vendors. The additional payments are expected to come from alluvial gold
production.
The property is a 204-hectare concession that is authorized for the exploration and exploitation of metals
under the small-scale mining regime in Ecuador. The company is currently performing due diligence on
the property and anticipates executing a definitive agreement on or before Oct. 30, 2023.
Further information on the Los Tres project, the company's Ecuadorian partners and the concession itself will be
disclosed upon execution of the definitive agreement.
The company has appointed Michael Smith to the board of directors. Mr. Smith is an experienced
director of communications with a demonstrated history of working in the venture capital industry. He is
skilled in people management, research, corporate communications, angel investing and public relations.
He is a strong media and communication professional. He also has experience from previous tenures in
heavy excavation, site planning and layout. Mr. Smith also consults on mineral properties for exploration
stage companies.
Stephen Gerald Diakow has resigned from the board of directors. The company thanks Mr. Diakow for
his contributions.
Pursuant to a debt settlement agreement, the company settled certain debt in the aggregate amount of $12,000 that were owing and payable to a consultant of the company through the issuance of 104,348
common shares in the capital of the company at a deemed issue price of 11.5 cents per common share.
All securities issued in connection with the debt settlement are subject to a statutory hold period of four
months plus a day from the date of issuance in accordance with applicable securities legislation.
We seek Safe Harbor.
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