VANCOUVER, BC, Aug. 25, 2022 /CNW/ - MANTARO PRECIOUS METALS CORP. (TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ) (the "Company") is pleased to announce that it has exercised its option to acquire a 51% in the share capital of Minera Golden Hill S.R.L. ("MGH"), which owns the Golden Hill Property, located in Bolivia.
In order to exercise its option to acquire an initial 51% of the shares of MGH, the Company issued a total of 2,000,000 common shares and 1,000,000 share purchase warrants, made cash payments of US $500,000 and incurred a minimum of US $250,000 of exploration expenditures at the Golden Hill Property during the last year. The Company continues to have the option to earn up to an 80% interest in MGH, which option terms as set out in detail in the news release dated August 25, 2021.
Craig Hairfield, Chief Executive Officer of the Company states, "Mantaro is excited to continue its partnership with Minera Golden Hill after a year of extensive work and exciting results at the Golden Hill Property. Minera Golden Hill has proven to be a valuable local partner that is instrumental to the continued success of our work programs in Bolivia. This option exercise represents an important step for Mantaro towards its goal of advancing high-quality, district-scale mineral properties. We are excited to invest and operate in Bolivia as the country continues to demonstrate its vast mineral potential and commitment to further developing its mineral mining industry."
Luis Fernando Kinn, General Manager of Minera Golden Hill states, "Minera Golden Hill is pleased to be working with Mantaro Precious Metals to advance and realize the full potential of the Golden Hill Project. We have proven that any foreign company may invest in Bolivia under a safe corporate environment and with current regulations that are motivating private companies to strengthen the Bolivian mining industry. Mantaro was chosen as our partner due to their strong knowledge and experience with greenfield exploration programs and we are excited to see the results from the recent drilling program as well as future work programs at Golden Hill."
The Company's board of directors has made the decision to focus its capital on its core properties, the Golden Hill Property and Santas Gloria Silver Property. Accordingly, the Company has elected to relinquish its interest in its non-core San Jose Silver Property.
Mantaro Precious Metals Corp. is a British Columbia company that holds a diversified portfolio of gold and silver focused mineral properties in Bolivia and Peru. The Company's holds an option to acquire up to an 80% interest in the advanced Golden Hill Property ("Golden Hill"), located in the underexplored, orogenic Bolivia Shield, Bolivia.
The Company also has a 100% interest in the high-grade Santas Gloria Silver Property as well as a 100% interest in each of the La Purisima, Cerro Luque and Huaranay Properties (collectively, the "Silver Properties"). The Silver Properties are located in Peru.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Company's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Resulting Issuer undertakes no obligation to publicly update or revise forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Mantaro Precious Metals Corp.