Auryn Accelerates Purchase of Sombrero Concessions from Alturas
VANCOUVER, BC / September 3, 2020 / Auryn Resources Inc. (TSX:AUG)(NYSE American:AUG) ("Auryn" or the "Company") is pleased to announce that it has completed the purchase of six Sombrero copper-gold concessions in southern Peru that had been optioned in 2016 from Alturas Minerals S.A. ("Alturas") (TSX-V: ALT, LMA: ALT) (Figure 1). The final option payment of US$5,000,000 due to Alturas was reduced to approximately US$3,000,000 in consideration of early exercise of the option. Payment will be made through the issuance of 1,100,000 Auryn common shares negotiated at C$2.90 and US$621,466 in cash. The shares are subject to a 4-month resale restricted period in Canada and will not be registered in the United States.
A Message from Ivan Bebek, Executive Chairman & Director of Auryn:
"We view Sombrero as a district-scale exploration opportunity and are pleased to exercise the Alturas option agreement with a discount to the final payment.
"Cleaning up our ownership will streamline the process of obtaining the remaining permits needed for drilling, which we anticipate in the first quarter of 2021.
- Category: Silver / Gold
- Published: 03 September 2020
- Written by Editor