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Pan Global Resources Inc. (TSXV: PGZ) (OTC: PGNRF) (the "Company" or "Pan Global") is pleased to report completion of the transfer of Investigation Permit "Escacena" number 14,903 from Evalam 2003 S.L. to the Company's Spanish subsidiary, Minera Escacena, S.L. The Escacena Investigation Permit is part of the Escacena Project area, in the Iberian Pyrite Belt, southern Spain.
Tim Moody, President and CEO of Pan Global commented: "The early transfer of title for the Escacena Investigation Permit to Pan Global's Spanish subsidiary, Minera Escacena is a very positive outcome. The Escacena Investigation Permit is a key part of the Company's Escacena Project area where drilling is in progress at the La Romana discovery".
Transfer of the Escacena Investigation permit was authorized by Resolution of the Director General of Industry, Energy and Mines on May 8, 2020. The Escacena Investigation Permit was granted for an initial term of three years on November 26, 2018.
On May 15, 2017 Pan Global, through its subsidiary Minera Escacena S.L., entered into an agreement with EVALAM 2003 S.L., providing the Company an exclusive option to acquire 100% of the Escacena mineral rights. The terms of the purchase option agreement are outlined in the Company's news releases on May 23, 2017 and December 10, 2018. On April 10, 2019 the parties agreed to the early transfer of title of ownership to the Escacena Investigation Permit. Other terms of the agreement with EVALAM 2003 remain unchanged, including consideration of CAD $350,000 over three years, work expenditure and capped royalty.
About Pan Global Resources
Pan Global Resources is actively engaged in base and precious metal exploration in Spain, and is pursuing opportunities from exploration through to mine development. The Company has committed to operating safely and with respect to the communities and environment where we operate.
On behalf of the Board of Directors
www.panglobalresources.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
info@panglobalresources.com
Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/66566
