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Vista Gold Corp. extends due date for Guadeloupe de Los Reyes option payment

Published by , Assistant Editor
Global Mining Review,

Vista Gold Corp. (Vista) has agreed to extend the due date for the second US$1.5 million option payment for the Guadalupe de los Reyes gold / silver project in Sinaloa (Mexico) by six months to 23 April 2019. As consideration for the deferral, the company will receive an additional US$150 000 in cash, US$50 000 of which was paid to Vista on 24 October 2018 and US$100 000 of which Minera Alamos Inc. (Minera Alamos) has agreed to pay by 23 January 2019. In addition, Minera Alamos has agreed to pay interest at a rate of 1.5% per month on the unpaid balance of the US$1.5 million payment beginning 24 January 2019.

On 24 October 2017, the company announced the closing of the option agreement, wherein Vista granted Minera Alamos an exclusive option to earn a 100% interest in the GdlR project by, among other things, making payments totaling US$6.0 million comprised of a payment of US$1.5 million made at the execution of the option agreement, two successive payments of US$1.5 million each to be made at the one year and two year anniversaries of the option agreement, and a final US$1.5 million payment to be made before the four year anniversary of the option agreement. To date, the company has received the initial US$1.5 million payment as partial consideration for the GdlR project and US$50 000 as partial consideration for the six month deferral of the second payment.

Frederick H. Earnest, President and CEO, commented: "Minera Alamos has made good progress in advancing the GdlR project. We believe the additional consideration they have offered demonstrates their commitment to the planned development of the project." 

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