(via TheNewswire)
TheNewswire -
Highlights of the Transaction
- Southern Empire can now acquire a 100% interest in the
- Option acquisition price for the remaining 25% is CAD
"Southern Empire now has the ability to consolidate a 100% interest in the
Terms of the Transaction
Pursuant to the terms of the Option Agreement, Southern Empire may acquire the remaining 25% interest in the Oro Cruz Property by paying a total of CAD
- CAD
- CAD
- CAD
- CAD
Southern Empire may, at its sole option, satisfy the option payments by the issuance of common shares at the five-day volume weighted average price prior to the issuance of such shares.
The Option Agreement is subject to acceptance by the
Qualified Person (QP)
The scientific and technical information contained in this news release has been prepared, reviewed, verified and approved by
About
Southern Empire is focused on the acquisition, exploration and development of gold deposits in
In the Cargo Muchacho mountains of
Southern Empire also owns an 85% interest in the 817 hectare (2,020 acre)
At Eastgate, Southern Empire has just completedsix HQ-size core drill holes totalling 906 metres (2,972 feet) in afirst-pass drill program of the Double Eagle high-grade gold/silver epithermal vein system; one of severalsteeply dipping, subparallel low-sulphidation, quartz-adularia epithermal vein systems occurring on the property. This drilling was designed to confirm historical Reverse Circulation ("RC") drill assay results reported by past operators of the property and to drill test extensions of known gold mineralization with modest step-out drill holes. All core is now being logged and selective samples are being submitted to
On behalf of the Board of Directors,
For further information please visitwww.smp.goldand review ourSEDAR filingsor contact:
Cautionary Notice on Forward-Looking Information
Information set forth in this news release may contain forward-looking statements that are based on assumptions as of the date of this news release. All statements, other than statements of historical fact, that address activities, events or developments that Southern Empire expects or anticipates will or may occur in the future are forward-looking statements that reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Southern Empire 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 Southern Empire's control. Such factors include, among other things: risks and uncertainties relating to Southern Empire'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, Southern Empire undertakes no obligation to publicly update or revise forward-looking statements or information.
Neither
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Copyright (c) 2020 TheNewswire - All rights reserved., source