(all amounts expressed in U.S. dollars)
MEDELLÍN, Colombia, May 31, 2023
/CNW/ - Mineros S.A. (TSX: MSA) (CB: MINEROS) ("Mineros" or
the "Company") announces that effective May
29, 2023, it has terminated and, where applicable, settled
all outstanding obligations under all of its agreements with Royal
Road Minerals Limited ("Royal Road").
Mineros and Royal Road have terminated strategic alliance
agreements for exploration of their respective properties in
Nicaragua and Colombia, and related joint ventures in
respect of the Caribe Exploration Target, located on the Hemco
Property in Nicaragua, and the
Guintar-Niverengo Margarita Exploration Target, located in the Anza
Province, Colombia. Royal Road has relinquished its 50% joint
venture interest in Caribe Exploration Target to Mineros'
subsidiary Hemco Nicaragua S.A. ("Hemco"), which is now 100% owned
by Hemco. A 1.25% net smelter returns royalty applicable to the two
concessions that host the Luna Roja Deposit, which was granted to
Royal Road on May 2021 in connection
with Mineros' acquisition of Royal Road's 50% joint venture
interest in those concessions, was terminated, and provisions under
the related asset purchase agreement in respect of exploration
expenditures to be incurred at the Hemco Property have been
released. Mineros has also relinquished its 50% joint venture
interest in the Guintar-Niverengo Margarita Exploration Target to
Royal Road. Mineros and Royal Road have also annulled a cooperation
agreement relating to Mineros' Gualcamayo Project in Argentina.
ABOUT MINEROS S.A.
Mineros is a Latin American gold mining company headquartered in
Medellín, Colombia. The Company
has a diversified asset base, with mines in Colombia, Nicaragua and Argentina and a portfolio of exploration and
development projects throughout the region.
Mineros' Board of Directors and management have extensive
experience in mining, corporate development, finance and
sustainability. Mineros has a long track record of maximizing
shareholder value and generating strong annual dividends. For
almost 50 years, Mineros has operated with a focus on safety and
sustainability at all its operations.
Mineros' common shares are listed on the Toronto Stock Exchange
under the symbol "MSA", and on the Colombia Stock Exchange under
the symbol "MINEROS".
The Company has been granted an exemption from the individual
voting and majority voting requirements applicable to listed
issuers under Toronto Stock Exchange policies, on grounds that
compliance with such requirements would constitute a breach of
Colombian laws and regulations which require the directors to be
elected on the basis of a slate of nominees proposed for election
pursuant to an electoral quotient system. For further information,
please see the Company's most recent annual information form filed
on SEDAR at www.sedar.com.
SOURCE Mineros S.A.
