Animas Resources Ltd. (TSX VENTURE:ANI) has signed a letter of intent with
GoGold Resources Inc. ("GoGold") (TSX:GGD) to sell the Santa Gertrudis Gold
project to GoGold. GoGold is a TSX-listed Canadian-based mineral resource
company currently putting the Parrall tailings project into production in
Mexico, and capitalized with approximately $50 million in available cash. 


Mr. Mark T. Brown, Director, noted that "We are pleased to have an experienced
group like GoGold working with Animas to put the Santa Gertrudis Gold Mine back
into production. The GoGold group has built three companies, including Gammon
Gold Inc., and successfully built and operated mines in Mexico. GoGold has the
financial resources in place to complete this project."


The Letter of Intent allows GoGold to acquire 100% of Animas' subsidiaries which
hold the titles to the Santa Gertrudis Gold Project and, in return, GoGold will
pay Animas:




--  $3,000,000 in cash over three years from the date of closing the
    transaction; 
--  A 3% net smelter returns royalty for gold and silver and a 2% net
    smelter royalty for all other metals on the Santa Gertrudis Gold project
    (the "NSR"). The NSR will be calculated and paid before any tax, VAT, or
    withholding tax; and, 
--  Starting January 1, 2017, a minimum advance royalty of $250,000 for a
    period of 4 years in the case the mine is not in production. These
    advance royalty payments will be credited against any payments of the
    NSR.



GoGold will also have the right to purchase one-third of the NSR at any time for
$5,000,000.


The Letter of Intent is subject to several conditions being met, including
completion of satisfactory due diligence by GoGold, which is currently underway,
signing a definitive acquisition agreement and TSX Venture Exchange and
shareholder approval. 


The Santa Gertrudis Gold Project (the "SG Property"), located 180 km north of
Hermosillo, Sonora, Mexico, was discovered by Phelps Dodge in 1986 and advanced
to open pit heap leach production in 1991. From May 1991 to October 2000, the
Santa Gertrudis Property produced 564,000 ounces of gold at an average grade of
2.13 grams per tonne. Phelps Dodge sold part of the Santa Gertrudis Property to
Campbell Resources in 1994 for US$10 million. Campbell later ceased mining and
processing activity due to low gold prices during the late 1990's and settled
some outstanding debts by assigning several core area concessions, including the
un-mined Cristina deposit, to certain local Mexican contractors. The Amelia
Mine, also on Animas' project area, was estimated to have historically produced
over 1 million tonnes at 2.88g Au/tonne. 


This news release was prepared by Company management, who take full
responsibility for its content. The technical disclosure in this press release
has been reviewed by John R. Wilson, a Qualified Person as defined by National
Instrument 43-101 of the Canadian Securities Administrators, and the President
and CEO of Animas. 


For additional information, contact Animas Resources Ltd. at 604-687-6197, or
you may register to receive future news releases at www.animasresources.com. 


John R. Wilson, President & CEO

Neither 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.


This press release contains "forward-looking information" which may include, but
is not limited to, statements with respect to drilling plans, timing of our
planned NI 43-101 resource report, timing of assays, resource estimates,
projections, our planned exploration and drilling programs, the availability of
future financing for exploration and other plans, projections, estimates and
expectations. Such forward-looking statements reflect our current views with
respect to future events and are subject to certain risks, uncertainties and
assumptions, including, the risks and uncertainties outlined in our most recent
financial statements and reports and registration statement filed with the
Canadian securities administrators (available at www.sedar.com). Should one or
more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
anticipated, believed, estimated or expected.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Animas Resources Ltd.
604-687-6197
1-888-889-4874 (FAX)
www.animasresources.com

Animas Resources Ltd. (TSXV:ANI)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Animas Resources Ltd. Charts.
Animas Resources Ltd. (TSXV:ANI)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Animas Resources Ltd. Charts.