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Caldas Gold Provides Update on Extension of Marmato Mining Title

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Caldas Gold Provides Update on Extension of Marmato Mining Title

 

 

 

 

 

Caldas Gold Corp. (TSX-V: CGC) (OTCQX: ALLXF) provided an update on the certification status of the proceedings related to its request for a 30-year extension of its Marmato mining contract 014-89M which is set to expire in October of this year. Following several work sessions in which the technical, legal, social, environmental and economic information was presented as the basis for the Company’s extension request, the Company has reached agreement with the Agencia Nacional de Mineria (“ANM”) on the economic conditions as summarized below. The ANM has indicated that its process related to the technical information and finalization of the legal documents for the extension will be completed by mid-January.

 

Serafino Iacono, Chairman and CEO of Caldas Gold, commenting on the extension update, said, “We are very pleased with the cooperative manner in which our mining title extension request is being handled. It is clear that all parties understand the importance of this project to the nation, the Department of Caldas, the local community at Marmato and to our investors. We look forward to a successful conclusion of the extension process later this month, enabling us to bring the Aris Gold transaction to a close and to move ahead more aggressively with the MDZ expansion by accessing funds available under the Wheaton Precious Metals’ stream and being held in escrow from our Gold Notes financing.”

 

The key economic conditions associated with the approval of the extension request include:

 

  • An increase in the royalty rate paid to the ANM on gold production, currently 6% of revenue, to 7%. The ANM royalty on silver revenue will remain at 8%;
  • An ongoing commitment to fund annual social investment based on a rate of US$25 per ounce produced, adjusted annually based on changes in the US CPI Index, and subject to an annual minimum of US$300,000, which is also indexed annually based on the US CPI Index; and
  • A contract premium of US$6 million to be paid over a four-year period, indexed annually based on the US CPI Index.

 

About Caldas Gold Corp.

 

Caldas Gold is a Canadian junior mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in the Department of Caldas, Colombia. Caldas Gold also owns 100% of the Juby Project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the Timmins gold camp.

 

Posted January 5, 2021

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