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Lago Dourado Minerals Signs Agreement with Geomin to Buy Flagship Gold Project

Lago Dourado Minerals has signed an agreement with Geomin to purchase the remaining 16 exploration licenses that were before under option, at its flagship gold project Juruena, Brazil.

Now, Lago Dourado has 100% interest in the whole project, which includes 25 exploration licenses, spanning  around 70,000 hectares. At present, Juruena has a drill rig and expects two rigs in the upcoming weeks.

The agreement with a Brazil-based local private consulting firm, Geomin incorporates Cdn$1 million cash payment, issuing 1.5 million ordinary shares and 1 million warrants with a three-year term at a price less than Cdn.$1.00.

This new agreement will reinstate current options with Geomin through which Lago Dourado can buy 70% interest in the Juruena Licences by giving payment of US$1.1 million in total by July 2013. The Company may possibly acquire 30% interest in Geomin at any period for US$8 million. Additionally, if Geomin dilutes 10% interest in joint venture business, then it will be forced to substitute that interest for a 2% net smelter returns royalty, wherein the company can acquire for US$3.0 million.

The companies have now achieved the mutual agreement to simplify the present ownership structure and offers Geomin an upside leverage on exploration success at Juruena.

Source: http://www.lagodourado.net/

Joel Scanlon

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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