|Golden Tag Resources Ltd.
TSX VENTURE : GOG
April 12, 2016 16:35 ET
Terminates Sale of 50% of Aquilon Property, Quebec
MONTREAL, QUEBEC–(Marketwired – April 12, 2016) – Golden Tag Resources Ltd. (TSX VENTURE:GOG) (“the Company”) is pleased to announce that it has signed a letter of intent with Golden Minerals Company (“Golden Minerals”) allowing Golden Tag to purchase Golden Mineral’s 50% interest in the San Diego Silver Project, Mexico. On completion of the formal purchase agreement, the Company will hold a 100% interest in the project. The proposed terms of purchase call for the payment of $Cdn Five Hundred Thousand Dollars ($Cdn500,000) and the issuance of Two Million, Five Hundred Thousand (2,500,000) common shares of Golden Tag. Golden Minerals will also be granted a 2% NSR on the property. Completion of the purchase is subject to the negotiation and execution of binding legal agreements, Golden Tag raising the cash portion of the price (which it is currently seeking to secure) and TSX Venture Exchange acceptance. The LOI contemplates closing must all occur by June 17, 2016.
The Company also announces that it has terminated the option agreement to sell a 50% interest in the Aquilon property with 9395261 Canada Inc. due to failure of the optionee to make required payments. (see Company news release of October 15, 2015) The Company received $80,000 in non-refundable option payments under the terminated option.
Statements in the release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.