Altan Rio Signs Definitive Agreement for 100% Interest in Khavchuu
Gold Project
VANCOUVER,
Dec. 13, 2012 /CNW/ - Altan Rio
Minerals Limited, TSX.V: AMO ("Altan
Rio" or the "Company") is pleased to announce the
execution of a Definitive Agreement (the "Agreement") pursuant to
which the Company can acquire a 100% interest in the Khavchuu gold
project ("Khavchuu"), located in northern Mongolia, subject to a 2.105% NSR royalty. The
Agreement, dated August
17th, 2012, supersedes the former Heads of
Agreement, dated April
4th, 2011.
Under the terms of the Agreement, Altan Rio will make cash payments totaling
US$75,000 (of which $60,000 has been paid and $15,000 is payable on or before the date that is
30 months from May 3rd,
2011 (the "Commencement Date")), issue 760,000 common shares in the
capital of the Company upon TSX.V approval and make a final payment
of either US$285,000 or the
equivalent in common shares in the capital of the Company on or
before the date that is 30 months from the Commencement Date. In
addition, US$300,000 in cumulative
property expenditures must be incurred within 24 months of the
Commencement Date.
Khavchuu, which covers an area of 71.4
km2, is an early-stage exploration project located 10 km
west of Centerra Gold's Boroo mine and mill complex (~2 Moz
resource base, most of which has since been extracted). Recent
Phase 1 drilling intersected high grade gold (up to 11.49 g/t over
1 m) and the Company is keen to undertake further evaluation.
For more information please visit Altan Rio's website at www.altanrio.com.
On behalf of Altan Rio Minerals Limited,
"Evan Jones"
Evan Jones,
President & CEO
This press release may contain forward
looking statements including those describing Altan Rio's future plans and the expectations of
management that a stated result or condition will occur. Any
statement addressing future events or conditions necessarily
involves inherent risk and uncertainty. Actual results can differ
materially from those anticipated by management at the time of
writing due to many factors, the majority of which are beyond the
control of Altan Rio and its
management.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in
the
policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
SOURCE Altan Rio Minerals Limited