Minaurum Amends Terms of Jackie and El Porfido Agreements


Follow this company

Companies Mentioned

TSX.V:MGG
10/16/2012 [ACCESSWIRE]

FOR RELEASE: October 16, 2012

TRADING SYMBOL TSX.V:MGG

(MGG 2012 - NR#9)

Minaurum Gold Inc. ("Minaurum") is pleased to report that it has amended the terms of its option agreements on the Jackie and El Porfido projects. The amended terms extend the payment schedule and provide Minaurum with increased flexibility managing its cash resources as it advances its projects in the Guerrero Gold Belt toward drilling.

The original terms for Minuarum to earn 100% interests in the Jackie and Porfido properties saw remaining payments of $275,000 and 500,000 shares for each project due within the next 14 months. The total payable in both original agreements has not changed but a significant portion of the cash outlays have been extended by a year.

President Darrell Rader stated, "We appreciate the goodwill shown toward Minaurum by our partners Minera Mariposa in amending the Jackie and El Porfido agreements. These revised terms along with recent cuts to overhead, allow us to aggressively continue developing our projects."

Under the revised agreement, Minaurum can earn a 100% interest in Jackie by making the following payments:

On or before Cash (USD) Shares

Within 5 days of exchange approval $ 25,000 (paid) -

Within 60 days of exchange approval 175,000 (issued)

September 20, 2011 $ 50,000 (paid) 175,000 (issued)

September 20, 2012 $ 30,000* 225,000

September 20, 2013 $ 100,000 275,000

September 20, 2014 $ 145,000

Totals $ 350,000 850,000

* Up to $20,000 can be paid in shares in lieu of cash at the option of Minaurum. Shares would be issued at a valuation of $0.20 per share

Under the revised agreement, Minaurum can earn a 100% interest in El Porfido by making the following payments:

On or before Cash (USD) Shares

Within 5 days of exchange approval* $ 25,000 (paid) -

Within 60 days of exchange approval 175,000 (issued)

December 9, 2011 $ 50,000 (paid) 175,000 (issued)

December 9, 2012 $ 30,000* 225,000

December 9, 2013 $ 100,000 275,000

December 9, 2014 $ 145,000

Totals $ 350,000 850,000

* Up to $20,000 can be paid in shares in lieu of cash at the option of Minaurum. Shares would be issued at a valuation of $0.20 per share

Corazonada

Minaurum reports that it has also completed its recent 8-hole, 3,023 metre drill program at the Corazonada silver-zinc skarn project in Morelos state, Mexico. While the results proved that the rock types and alteration related to the mineralization are extensive, precious metals values encountered were weak. The decision was made to return the project to its vendors.

Minaurum Gold is focused on its projects in the 19 million-ounce Guerrero Gold Belt. Surface work continues at the Vuelcos del Destino, El Porfido and Jackie Projects. Drill results are pending at the Adelita project. For more information, please visit our website at www.minaurum.com and our You Tube Minaurum Video Channel.

ON BEHALF OF THE BOARD

"Darrell A. Rader"

Darrell A. Rader

President and CEO

For more information, please contact:

Sunny Pannu - Investor Relations Manager

(778) 330 0994 or via email at info@minaurum.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

_____________________________________________________________________________________________

1500 - 409 Granville St. Telephone 778 330-0994

Vancouver, BC V6C 1T2 www.minaurum.com

info@minaurum.com

Forward Looking Statement: Some of the statements contained in this press release are forward-looking statements. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control, including, but not exclusively, statements regarding potential mineralization, exploration results, completion of work program and studies, and future plans and objectives of the Company. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production.

-

COMMENTS

Leave a comment...
 * 

Your Name
 *