TORONTO, Dec. 23, 2024 (GLOBE NEWSWIRE) -- Cartier Silver Corporation (CSE:CFE) ("Cartier Silver”) is pleased to announce that, by mutual agreement ("Amending Agreement”) with Empresa Minera Gonalbert S.R.L. and Empresa Minera Segovia S.R.L (collectively, the "Vendors”), the registered title holders of two separate properties comprising the Chorrillos Project in southern Bolivia, the payment schedule in connection with the remaining portion of the aggregate US$4.5 million payment required for Cartier Silver to acquire 100% of the Vendors' capital quotas has been amended. The signing date of the original acquisition agreement was December 12, 2022. Cartier Silver's Bolivian subsidiary, Minera Cartier Bolivia S.R.L. ("Cartier Bolivia”) has made two staged payments and currently owns 30% of the Vendors' capital quotas.
Pursuant to the Amending Agreement, in order to acquire the remaining 70% of the Vendors' capital quotas, staged payments aggregating US $4.2 million are required, as follows:
- US $500,000 (Five Hundred Thousand United States Dollars) due June 12, 2025, whereby Cartier Bolivia would acquire an additional 20% of the Vendors' capital quotas.
- US $700,000 (Seven Hundred Thousand United States Dollars) due June 12, 2026, whereby Cartier Bolivia would acquire an additional 20% of the Vendors' capital quotas.
- US $1,000,000 (One Million United States Dollars) due June 12, 2027, whereby Cartier Bolivia would acquire an additional 20% of the Vendors' capital quotas.
- US $2,000,000 (Two Million United States Dollars) due June 12, 2028, whereby Cartier Bolivia would acquire the remaining 10% of the Vendors' capital quotas.
Cartier Silver is an exploration and development Company focused on discovering and developing its recently acquired silver property assets, including the Chorrillos Project and claims staked by the Company's subsidiary, all of which are located in the Potosi Department of southern Bolivia. The Company also holds significant iron ore resources at its Gagnon Holdings in the southern Labrador Trough region of east-central Quebec, and the Big Easy gold property in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland & Labrador.
For further information please visit Cartier Silver's website at www.cartiersilvercorp.com
For further information please contact:
| Thomas G. Larsen
Chief Executive Officer (800) 360-8006 (416) 360-8006 | Jorge Estepa
Vice-President (800) 360-8006 (416) 360-8006 |
Statements in this release that are not historical facts are "forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking statements”.
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