(GoldMining, 29.Apr.2024) — GoldMining Inc. (GLDG) announced that the company, through a wholly owned subsidiary, has completed a transaction with Compañía de Minas Buenaventura S.A.A. to reduce an existing third-party royalty on its 100% owned Crucero gold project, Peru.
Highlights:
- The Royalty was granted by a previous operator that acquired the Project in 2008 and was based on a sliding scale that reached a maximum 5% net smelter return (NSR) for gold prices above USD$800 per ounce.
- The company paid US$70,000 to Buenaventura to amend and reduce the Royalty to a 3% NSR.
- The company can further reduce the Royalty to a 1% NSR by making an additional payment of US$200,000, at any time over the next 10 years.
Alastair Still, CEO, commented: “With this transaction, we have significantly reduced an overly burdensome royalty and enhanced the potential value of the Crucero property. This helps position us to continue advancing our disciplined strategy of unlocking value from our diversified portfolio of resource-stage gold and gold-copper projects in the Americas.”
The Crucero Project is located 150 km northeast of the city of Juliaca in the Department of Puno, in southeastern Peru. Mineral resource estimates for the Project include 30.65 million tonnes grading 1.01 g/t gold for 0.99 million ounces indicated and an additional 35.78 million tonnes grading 1.00 g/t gold for 1.15 million ounces inferred1. The Project has had significant historical investment and exploration by prior operators, including over 24,000 m of drilling over 79 holes, and numerous targets have been identified for future exploration.
1Readers should refer to the 43-101 Technical Report (“NI 43-101”) titled “Technical Report on the Crucero Property, Carabaya Province, Peru”, with an effective date of 20 Dec. 2017, which is available on the company’ profile at www.sedarplus.ca.
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