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GoldMining to acquire Crucero Gold Project

Published by
Global Mining Review,

GoldMining Inc. has entered into an agreement with Lupaka Gold Corp., to acquire a 100% interest in the Crucero Gold Project located in Southeastern Peru.

Amir Adnani, Chairman of GoldMining, commented: "We are pleased to announce another milestone acquisition in furtherance of our long-term growth and value-building strategy. With this acquisition, we continue to realise our vision of consolidating multi-million ounce gold assets and maximising gold leverage for our shareholders. The transaction also represents our first acquisition in the country of Peru, which is among the most prolific mining nations in the world."

Garnet Dawson, CEO of GoldMining, commented: "With this acquisition, we will be acquiring not only a project in a favourable mining jurisdiction with a historic pit-constrained resource, but also one that has had significant historical investment and exploration, including 23 000 m of drilling over 72 holes, and numerous targets identified for future exploration. Upon completion, we plan to commission a current resource estimate for the Project as well as identify opportunities for follow-up exploration and expansion."

The agreement

Pursuant to the Agreement, GoldMining will acquire all of the shares of a wholly-owned subsidiary of Lupaka, which will hold a 100% interest in the Project. Total consideration payable by GoldMining to Lupaka under the transaction is 3 500 000 common shares of GoldMining and US$750 000 in cash.

The GoldMining Shares to be issued under the transaction are subject to certain resale restrictions pursuant to the terms of the Agreement.

The transaction is subject to customary closing conditions, including receipt of requisite third party and regulatory consents and approvals. The parties currently expect closing to occur by the end of September 2017.

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