Altiplano Metals to Acquire 100% Interest in Nicaragua Gold Project

SEATTLE (Scrap Monster): Canadian miner Altiplano Metals Inc. announced that it has entered into a letter agreement to acquire 100% interest in a gold project in Nicaragua. Accordingly, the company will acquire mineral property rights at the San Pedro mining concession in eastern Nicaragua.

In accordance with the company press release, the deal is for a consideration of $3 million through the issuance of an aggregate of 10 million common shares of the company at a price of $0.30 per common share. The agreement will be subject to regulatory approval, including the approval of the TSX Venture Exchange. The common shares issued will be subject to resale restrictions, it noted.

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Alastair McIntyre, CEO, Altiplano said that the company is pleased to have reached an agreement on a high quality, scalable gold exploration project that has previously yielded promising historical exploration results. The geological information is excellent and the exploration work has identified several zones of particularly noteworthy gold grade. The company has identified additional targets as well, he added.

The San Pedro mining concession application area is located on the eastern foothills of Nicaragua’s Central Dividing Range.