Radius Gold Receives US$700,000 from Pan American Silver for Earn-in on Amalia Project, Mexico
Vancouver, British Columbia – TheNewswire – June 13, 2022 - Radius Gold Inc. (TSXV:RDU) (“Radius” or “the Company”) is pleased to announce that in order to earn its option for 65% of the Amalia property in Mexico, Pan American Silver Corp. (NASDAQ,TSX: PAAS) (“Pan American Silver”) has made the final US$700,000 option cash payment to Radius Gold.
The terms of the definitive option agreement were announced in the Company’s press release dated July 30, 2018. Among other commitments, Pan American Silver was required to make scheduled cash payments in an aggregate amount of US$1.5 million during the expenditure period. Additionally, Pan American Silver has met and exceeded its expenditure obligation of US$2.0 million in exploration on the property.
Bruce Smith, President and CEO of Radius Gold, commented: “We are very pleased to continue to work with our partner Pan American Silver. Partnering with Pan American, one of the world’s largest silver miners, requires exploration targets to demonstrate significant scale. The Amalia project continues to display the potential for a large scale gold silver discovery. Many high grade and wide gold/silver drill intercepts have been reported for San Pedro, California and El Cuervo targets. Many targets remain open in all directions and additional drilling is warranted. The US$700,000 payment reflects the satisfaction of our partner in the results obtained from infill and evaluation drilling programs. Radius looks forward to continued drilling and resource development at Amalia in the future.”
Pursuant to an option agreement signed in June 2018, Pan American Silver Corp. has the option to earn up to an initial 65% interest in the Amalia Project by making cash payments to Radius totalling US$1.5 million (of which US$800,000 has been previously received) and expending US$2 million on exploration over four years. Pan American may earn an additional 10% by advancing the property to preliminary feasibility.
Radius Gold is attending PDAC from June 13 through 15 in Toronto, Ontario.
Senior management will be available at the booth No. 2107 for any questions. If you would like to arrange one-on-one meetings with Radius Gold’s President and CEO, Bruce Smith, please email your request to firstname.lastname@example.org
For more information and/or to register for the convention, please visit: https://www.pdac.ca/convention.
Bruce Smith, M.Sc. (Geology), a member of the Australian Institute of Geoscientists, is Radius's Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Smith has reviewed and approved the technical information contained in this news release.
Radius Gold Inc.
Radius has a portfolio of projects located in Mexico and Guatemala which it continues to advance, utilizing partnerships where appropriate in order to retain the Company’s strong treasury. At the same time, management is seeking out additional investment and project acquisition opportunities
across the globe.
ON BEHALF OF THE BOARD
President and CEO
Contact: Bruce Smith
200 Burrard Street, Suite 650
Vancouver, BC V6C 3L6
Tel: 604-801-5432; Toll free 1-888-627-9378; Fax: 604-662-8829
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward- looking statements and include, without limitation, statements about the results of exploration work and future plans at the Amalia Project. Often, but not always, these forward looking statements can be identified by the use of words such as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, whether the planned exploration work at Amalia will proceed as intended; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the exploration work at the Amalia Project will advance as planned; that the Company’s stated goals and the planned exploration and development activities at its properties will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.