Cayden Resources (CYD-V) sells Morelos blocks for $15.74-million (U.S.)
Feb 1st, 2013 - News Release
Cayden Resources Inc.'s Mexican subsidiary LC Mines SA de CV (LCM) has sold two blocks of the eastern portion (15 per cent) of its Morelos Sur concession (Morelos East concession) to Desarrollos Mineros San Luis SA de CV (DMSL), Goldcorp's subsidiary which owns and operates the adjacent Los Filos mine in Guerrero state, Mexico.
The sale represents a total of 2,492 hectares of Cayden's 17,076 hectare concession for a total cash consideration of $15,744,000 USD plus a royalty to Cayden, of which 50% of the cash will be paid on or before February 28, 2013 and the balance to be paid once the subdivided titles of the Morelos East Concession are registered in the name of DMSL.
DMSL will acquire the portion subject to a reserved royalty in favour of LCM plus the existing government royalty (2.5%). The reserved royalty to LCM is a sliding scale royalty commencing after the first 250,000 ounces, starting at 0.75% and up to 1.75% when gold is over $2500/ounce. |
