Toronto, Ontario and Vancouver, British Columbia— (Marketwired– April 30th, 2020)
Minera Alamos Inc. (“Minera” or the “Company”) (TSXV: MAI) announces that is has disposed of 3,000,000 common shares in the capital of Prime Mining Corp. (“Prime Mining”) for gross proceeds of $1,500,300 and 3,350,000 warrants to purchase common shares of Prime Mining for gross proceeds of $167,500.
Immediately prior to the disposition, Minera owned 6,090,000 common shares, representing 10.3% of the outstanding common shares of Prime Mining. Following the disposition, Minera retains ownership of 3,090,000 common shares, representing 5.2% of the outstanding common shares of Prime Mining. In addition, Minera has disposed of all warrants of Prime Mining that it previously owned or controlled.
Minera does not presently intend to make further investments or divestitures in Prime Mining. However, Minera may in future take such actions in respect of its holdings in Prime Mining as it may deem appropriate based on its assessment of market conditions and any other conditions it considers relevant at the time, including the purchase of additional common shares through open market or privately negotiated transactions or the sale of all or a portion of its holdings in the open market or in privately negotiated transactions to one or more purchases, subject in each case to applicable securities laws.
A copy of the related early warning report filed in connection with the disposition will be available on the SEDAR website (www.sedar.com) under Prime Mining’s profile.
For Further Information Please Contact:
Minera Alamos Inc.
Doug Ramshaw, President
Victoria Vargas de Szarzynski, VP Investor Relations
About Minera Alamos Inc.:
Minera Alamos is a gold development company poised to join the ranks of gold producers in 2020. The Company has a portfolio of high-quality Mexican assets, including the 100%-owned Santana open-pit, heap-leach development project in Sonora currently under construction, which is expected to have its first gold production in late 2020 or early 2021. The La Fortuna open pit gold project in Durango (100%-owned) has an extremely robust and positive preliminary economic assessment (PEA) completed and is nearing the end of the permitting process. A construction decision on La Fortuna could be made in late 2020 or early 2021 and highlights the organic growth the existing projects can provide to the overall production profile. Minera Alamos is built around its operating team that together brought 3 mines into production over the last 12 years.
The Company’s strategy is to develop low capex assets while expanding the project resources and pursue complementary strategic acquisitions.
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