Goldgroup Mining (OTC Other: GGAZF; TSX: GGA) has entered into an agreement with Almaden Minerals to purchase Almaden’s 30% interest in the Caballo Blanco project. As previously announced, Goldgroup recently completed its earn-in of its 70% interest in the Caballo Blanco gold project. Upon the purchase of Almaden’s 30% interest, Goldgroup will own 100% of the Caballo Blanco project.
In consideration for acquiring the remaining 30% interest in Caballo Blanco, at closing Goldgroup shall pay to Almaden a cash consideration of US$2,500,000 and issue to Almaden 7,000,000 of its common shares. An additional 7,000,000 of its common shares will be issued to Almaden as a result of meeting certain conditions.