Brief: Minera Alamos plans to buy La Fortuna gold project from Argonaut Gold

Mining Americas

18/01/2016 13:00

Jan 18 (Reuters) - Minera Alamos Inc  MAI.V : 
 * Signs binding loi to acquire the la fortuna gold project from Argonaut Gold 
   Inc 
 * Says company will pay the vendor USD $750,000 on closing 
 * An additional USD $250,000 will be paid 9 months after the deal closing 
 * USD $1 million will be paid by co upon the announcement of a construction 
   decision 
 * Vendor is also entitled to a 2.5 percent net smelter returns royalty subject 
   to a maximum amount of US$4.5 million 
 * Will be initiating the permitting process immediately upon closing of the 
   transaction 
 
* Source text for Eikon  urn:newsml:reuters.com:*:nMKWXkh0ja 
 
* Further company coverage  MAI.V   
 
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