The Prospector News

Ranchero Announces Closing of the Sale of Its Santa Daniela Property and Receipt of US$1,892,000

You have opened a direct link to the current edition PDF

Open PDF Close

Share this news article

Ranchero Announces Closing of the Sale of Its Santa Daniela Property and Receipt of US$1,892,000






Ranchero Gold Corp. (TSX-V: RNCH) is pleased to announce that its wholly-owned subsidiary Minera y Metalurgia Paika, S.A. de C.V. has closed the sale of four mineral licenses  of the Santa Daniela project, as announced in the Company’s press release dated December 27, 2023, to Minas de Oro Nacional, S.A. de C.V. a wholly-owned subsidiary of Alamos Gold Inc. (TSX:AGI). The Company has received a total of US$2,550,000 for the sale of Paika’s interest in the Licenses, of which US$658,000 was paid on signing of a letter of intent and a further US$1,892,000 on closing, following official transfer of the Licenses to Minas de Oro.


Additionally, in the event that Minas de Oro declares a Mineral Reserve of, or mines, greater than 500,000 ounces of gold within the Licenses, a further payment of US$2,500,000 will be due to Paika from Minas de Oro.


Going forward, the Company will focus its efforts on exploring the Pinchi Lake nickel project as well as opportunistically looking at new projects.


In connection with the sale of the Licenses, the Company will pay a finder’s fee to an arm’s length party for facilitating the introduction of the Company to Alamos Gold Inc. and the discussions between the parties in negotiating the terms for the sale of the Licenses. The Finder will receive a cash finder’s fee of US$63,750 and 2,589,231 common shares of the Company. Additionally, if the Company receives the Conditional Payment, the Finder will receive an additional cash finder’s fee of US$62,500 and up to 2,777,500 Common Shares valued at US$62,500, subject to a minimum issue price of Cdn$0.03 per Common Share. The Common Shares issuable to the Finder will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.


The sale of the Licenses and the finder’s fee remains subject to the final approval of the TSX Venture Exchange.


About Ranchero Gold


Ranchero is an exploration and development company currently focused on the Pinchi Lake Nickel Project. Ranchero can earn a 100% interest in the Pinchi Project, consisting of six mineral claims totaling 3,917 hectares, situated approximately 15 to 30 km northwest of Fort St. James and 120 km northwest of Prince George in central British Columbia.


Posted June 20, 2024

Share this news article


G Mining Ventures Announces Closing of Private Placements and Receipt of Final Order for Arrangement with Reunion Gold

All amounts are in USD unless stated otherwise $50 million privat... READ MORE

July 12, 2024

SilverCrest Provides Second Quarter Operational Results

Record Revenue, Treasury Assets Increased by 34% During the Quart... READ MORE

July 12, 2024

New Found Intercepts Nine New Gold Zones Spanning 3km in Strike, Doubles Known Vertical Extent of Gold Mineralization to 820m Depth at Queensway

New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) is pleased to a... READ MORE

July 11, 2024

Kobo Resources Reports Significant Gold Intersections at its Kossou Gold Project With 9.0 Metres at 23.89 g/t Au, Including 1.0 Metre at 210.00 g/t Au and 9.0 Metres at 4.27 g/t Au

Completion of First Diamond Drill Program with 25 Holes (4,368 m)... READ MORE

July 11, 2024

International Battery Metals (IBAT) Commences Operations of World's First Commercial Modular Direct Lithium Extraction (DLE) Plant and First Commercial DLE Plant in North America

Industry-disrupting technology breakthrough vaults IBAT to global... READ MORE

July 11, 2024

Copyright 2024 The Prospector News