Azteca Gold Announces Acquisition of 100% Ownership of the Two Mile Property, Settlement of Debt, and Resumption of Drilling

Azteca Gold Corp. (TSX VENTURE:AZG)announced the purchase of Silver Royal Apex’s 50% ownership in the Two Mile Property, the settlement of debts owing to the drilling contractor, and the resumption of drilling.

The press release is quoted as saying:

Azteca has agreed to purchase, subject to regulatory approval and approval of the shareholders of the vendor, Silver Royal Apex’s (“SRA”, an Idaho corporation) 50% joint venture interest in the Two Mile Property. The agreed net value of SRA’s 50% JV interest is Canadian $6.4 million, which is net of a Two Mile Property joint venture debt of Canadian $2.6 million owed by SRA to Azteca. The consideration to be paid by Azteca for the purchase is 128,000,000 restricted common shares of the Company, resulting in Azteca owning 100% of the Two Mile Project covering approximately 22 square miles in the Silver Valley of Idaho.

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