MANTARO PRECIOUS METALS CORP. ANNOUNCES TERMINATION OF OPTION AGREEMENT ON GOLDEN HILL PROPERTY AND RESIGNATION OF DIRECTOR
Under the terms of the Option Agreement, the Company had the right to earn up to an 80% interest in the Golden Hill Property.
- Under the terms of the Option Agreement, the Company had the right to earn up to an 80% interest in the Golden Hill Property.
- Concurrent with the delivery of the notice of termination, Mr. Kinn Cortez also resigned as a director of the Company.
- Darren Hazelwood, Chief Executive Officer of the Company states "The current junior capital markets made it difficult to raise the capital necessary to meet the cash payments due under our Golden Hill property option agreement.
- Under the Option Agreement, the Company will retain a 2% net smelter royalty on the Golden Hill Property, which may be repurchased by MGH with a one-time payment of US $1,000,000.