Goldgroup Mining (TSE:GGA) announced that it has entered into an agreement with Almaden Minerals (TSE:AMM) and its subsidiary to purchase Almaden’s 30% interest in the Caballo Blanco project, Veracruz, Mexico.
The press release is quoted as saying:
As previously announced, Goldgroup recently completed its earn-in of its 70% interest in the Caballo Blanco gold project. Upon completion of the Transaction, Goldgroup will own 100% of the Caballo Blanco project. In consideration for acquiring the remaining 30% interest in Caballo Blanco, at closing Goldgroup shall pay to Almaden a cash consideration of US$2,500,000 and issue to Almaden 7,000,000 of its common shares.