Vangold Mining Corp. (“Vangold” or the “Company”) (TSXV: VAN) (OTC: VGLDF) is pleased to announce, that its wholly owned subsidiary, Obras Mineras El Pinguico SA de CV (OMP) and Exploraciones Mineras Del Bajio SA de CV (“EMDB”) have entered into an Acquisition Agreement for a 100% interest in the rights derived from a mining concession covering the lot referred to as San Carlos; title 166666; file 031/04372 (the “San Carlos Property”).
Vangold has agreed to acquire the silver and gold development property for an aggregate purchase price of CDN$425,000 (the “San Carlos Acquisition”) of which CDN$350,000 of the purchase price will be satisfied through the issuance of 5,000,000 common shares of Vangold to EMDB and the remaining CDN$75,000 will be paid in cash. The common shares issued to EMDB will be subject to a four-month hold period. The San Carlos Acquisition remains subject to regulatory approval.
The San Carlos Property is close to Vangold’s El Pinguico and Patito I & II mineral claims, which are 10 km from the City of Guanajuato. These claims total 800 Ha and are strategically located on the top of the Veta Madre Vein system, a highly mineralized region charged by massive epithermal and stockwork deposits; a mixture of native gold and silver, polybasite, pyargyrite, tetrahedrite, marcasite, sphalerite, galena, pyrite and chalcopyrite. The San Carlos Property consists of two main mineralized veins systems that run parallel and dip inwards for a potential intersection at depth similar to El Pinguico and the Veta Madre 1,000 m East. The La Escondida and San Carlos veins are believed to have the same geological formation as the El Pinguico vein, which are off-shoots of the Veta Madre charge system.