TriStar Gold (TSG-V) July 20, '16 is pleased to announce that it has completed its acquisition of 100% of the Castelo de Sonhos ("CDS") gold project in Para State, Brazil, with a US$ 800,000 cash payment and the issuance to the property vendors of 1,000,000 common shares of the Company.
Mr. Nick Appleyard, President and CEO, commented on the significance of this milestone: "We now own the CDS property outright and are excited to proceed with a drilling campaign with the funds raised from our recently completed private placement. We believe that the preliminary economic assessment scheduled for publication in 2017 will document the full potential of CDS for the first time to the market."
The vendors retain a 2% NSR royalty (half of which can be purchased by TriStar for a value based on gold reserves at that time), a bonus payment of US$1 per ounce of gold if NI 43-101 proven and probable reserves exceed one million ounces and a payment of US$ 3,600,000 upon commercial production (TriStar has the option to pay US$ 1,500,000 upon or prior to making a production decision in lieu of the production payment).
Other news:
TriStar also announces that Mr. Patrick Glazier will resign from the Company's Board of Directors effective August 1, 2016, for personal reasons. The Company thanks Patrick for his dedicated service to TriStar and wishes him the utmost success in his future endeavors.
About TriStar:
TriStar Gold is an exploration and development company focused on precious metals properties in the Americas that have potential to become significant producing mines. The Company's current flagship property is Castelo de Sonhos in Para State, Brazil. The Company's shares are listed on the TSX Venture Exchange under the symbol TSG. Further information is available at www.tristargold.com.
For further information, please contact:
TriStar Gold Inc.
Nick Appleyard
President and CEO
480-794-1244
info@tristargold.com |
