Precipitate Gold Corp. (TSXV:PRG) has reached an agreement with Gexplo S.R.L. and Santo Mining Corp. whereby Precipitate will acquire a 100% interest in two concession applications in the Dominican Republic. Under the terms of the agreement, Precipitate will obtain the concessions in exchange for a 2 percent net smelter royalty and the granting of 100,000 Precipitate share purchase warrants exercisable for up to three months at an exercise price of $0.30 per share.
As quoted in the publication:
The two concession applications, named “Richard” and “David”, cover an area of 220 and 1,400 hectares respectively. The David concession is located on the north central border of Precipitate’s Juan de Herrera concession within the Tireo Gold Camp and greatly increases Precipitate’s prospective Tireo landholdings. The Richard concession is located about four kilometres southeast of Barrick and Goldcorp’s Pueblo Viejo Gold Mine site. See attached figures for respective concession locations or visit the Company’s website at www.precipitategold.com.
Precipitate Gold Corp, Jeffrey Wilson, said:
We are pleased to acquire these two concession applications. Both the David and Richard concessions have compelling technical and strategic importance. The David concession provides the Company with a significant increase of the preferred and prospective Tireo formation target rocks, while the Richard concession gives Precipitate a strategic new land position in a world-class modern gold mining camp. With the Vendor shifting its focus to other property interests in Mexico and Africa, we are pleased with the non-cash acquisition terms for these concessions and thank the Vendor for its cooperation in this process.