Valterra Resource Corporation (TSX-V: VQA) (OTCQB: VRSCF) has now completed the sale to Pilar Gold Inc. of Poconé Mining Mineração Ltda which holds a 100% interest in the Lima gold property and a binding agreement to purchase a 100% interest in the Livramento gold property, both located in the Poconé Mining District, Brazil. The transaction has received TSX Venture Exchange approval.
The terms of the transaction are:
Lawrence Page Q.C., President of Valterra Resource Corporation commented, “Closing of the transaction with Pilar Gold is the culmination of an 18 month program by the Company to enter the prolific Brazilian gold exploration industry. Notwithstanding COVID-19 restrictions on travel, we were able to acquire rights to two properties and to fund bulk sampling of the Livramento property. As the requirement for substantial funding and retention of explorationist/miners became most difficult with COVID-19 travel restrictions, the decision was made to convert our direct ownership in two properties into an indirect ownership in a number of properties and producing mines with skilled explorationists and miners on staff. We expect that our 4,000,000 shares in Pilar Gold will grow in value while we deploy our capital and personnel in the continued exploration and development of our Swift Katie copper-gold property in B.C. and our Los Reyes copper-gold property in Mexico.”
Jeremy Gray, CEO of Pilar Gold, commented, “We look forward to deploying Pilar Gold’s resources to fully unlock the potential of Lima and Livramento. Pilar Gold has an existing resource base of over 3 million ounces with significant exploration upside, and we intend to build Pilar Gold into a major gold producer in Brazil, with Equinox Gold Corp. as a supportive long-term shareholder. I am confident that Valterra will see the value of its equity stake in Pilar Gold appreciate substantially once we complete our going public transaction, hopefully in the early part of 2022.”
About Pilar Gold Inc.
Pilar Gold Inc. is a Canadian gold mining company focused entirely on Brazil. On 16 April 2021, Pilar Gold acquired the Pilar gold mine in the central Brazilian state of Goiás from Equinox Gold Corp. With current production of approximately 40,000 ounces p.a. and significant growth potential, the Pilar gold mine is the flagship asset for Pilar Gold and a strong foundation for an emerging Brazil-focused gold company.
PMM will form the cornerstone for Pilar Gold’s operations in the prolific Poconé gold belt in the State of Mato Grosso, Brazil. With decades of hands-on experience in the Poconé region, Pilar Gold’s management team intends to develop PMM into a successful regional gold producer.
Pilar Gold Inc. is a private Canadian company with plans to seek a public listing. (1)
1 Listing of Pilar Gold Inc. is subject to the approval of the applicable stock exchange. There is no guarantee that Pilar Gold Inc. will receive approval for such listing.
About Valterra Resource Corporation
Valterra is a Manex Resource Group Company. The Group provides expertise in exploration, administration, and corporate development services for Valterra’s mineral properties located in British Columbia and Mexico. Valterra is advancing its early-stage properties that have the potential to host large deposits in regions with excellent infrastructure. Valterra owns a 100% interest in the Swift-Katie copper gold porphyry property in British Columbia and has an option to earn a 100% interest in the Los Reyes copper-gold property in Mexico.
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