Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
VAL-D’OR, QUEBEC, CANADA–(Marketwire – Jan. 25, 2012) – Threegold Resources Inc (“Threegold” or the “Company”) (TSX VENTURE:THG) is pleased to announce that it has entered into a binding letter of intent (LOI) to sell its interest in the Dome Lemieux project to Capstock Financial (TSX VENTURE:CPK).
The terms of the deal are as follows, Threegold will receive 8,750,000 shares in CPK priced at 40 cents for a total of $3,500,000 in exchange for the claims comprising the Dome Lemieux. The shares will be subject to a one year hold period. This transaction will give Threegold a 22% interest in Capstock and is subject to TSX-V and other regulatory approvals.
The Transaction will finally allow the Dome Lemieux project and the entire Gaspe area get explored in a focused and systematic manner. That is the mandate of Capstock.
This is a strategic move for Threegold as it is advancing its gold projects in the Abitibi gold camp in Quebec. This will allow Threegold to focus on the rapidly developing South Bay project as well as the recently acquired claim blocks beside the Standard Gold project (see news release dated January 4th 2012)
Threegold is currently awaiting results from the South Bay drill program (see news release dated December 5th 2011) and the Standard Gold drill program which was conducted by Bowmore Exploration (TSX VENTURE:BOW) (see news release November 16th 2011)
About Threegold
Threegold has established itself as one of the premier exploration companies in Quebec. The Company has a highly qualified technical team with extensive exploration experience, including previous gold discoveries in Quebec, and management with financing and public company expertise.
Threegold aims to create shareholder wealth through the discovery of new deposits with a focus on Canadian assets, mainly in Quebec. Threegold offers investors a portfolio of high-quality exploration projects and the potential to take part in a major discovery.
With a strategic property portfolio and solid partnerships, like the one with Osisko Mining Corporation, Threegold’s goal is to discover a low-cost, multi-million ounce gold deposit in Quebec.
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 release.
