VANCOUVER, B.C. – BAROYECA GOLD & SILVER INC. (the “Company”) is pleased to announce the completion of the process of transferring and registration of the Atocha property into Baroyeca’s 100% Colombian subsidiary company, Minera La Fortuna S.A.S.
Pursuant to a Memorandum of Understanding dated August 20, 2015, between CB Gold Inc. (Later Red Eagle Exploration Ltd.) and Malabar Gold Corp., the HFL-151 (the Atocha property) mining title registered holder and the legal title owner respectively, and a Compliance Agreement with Terms dated November 11, 2020 between the registered title holder, Minerales Santa Ana Colombia SAS (formerly Lost City SAS), a 100% subsidiary company of Outcrop Silver and Gold Corp., and Minera La Fortuna SAS, a subsidiary of Malabar Gold Corp. optioned to Baroyeca Gold & Silver Inc., Lost City SAS agreed to transfer a portion of the HFL-151 mining title (the Atocha Project) to Minera La Fortuna SAS.
Pursuant to an Assignment Agreement dated January 18th, 2021 between the registered title holder, Minerales Santa Ana Colombia SAS and Minera La Fortuna SAS, the title holder filed the transfer documents related to this agreement with the Colombian National Mining Agency (ANM) to transfer title to Minera La Fortuna SAS.
Pursuant to an exclusive Operation Contract for Exploration in an area included within the HFL-151 mining title dated February 19th, 2021, between the Minerales Santa Ana Colombia SAS and Minera La Fortuna SAS, it was mutually agreed that Minera La Fortuna SAS is authorized to autonomously and independently operate and conduct exploration activities within the portion to be segregated of mining title HFL-151during the time and until the mining title is transferred and duly registered in the name of Minera La Fortuna SAS before the Registro Minero Nacional (RMN, Colombian Mining Registry).
Resolution VCT1197DE dated October 25th, 2021 resolved that the ANM approves the partial title transfer from mining title HFL-151 of the area indicated in the January 18th, 2021 Assignment Agreement from Minerales Santa Ana Colombia SAS in favor of Minera La Fortuna SAS. On December 17th, 2021, Minera La Fortuna SAS signed the new Mining Contract with the ANM for the Atocha project with new plate number HFL-151C1.
On March 14, 2022, the Colombian Mining Registry duly registered the portion segregated from the HFL-151 property, the Atocha property, under the new plate number, HFL-151C1, and a total area of 2,585.7987 hectares to Minera La Fortuna SAS, the new title holder. The final polygon outline is indicated in the map shown in Fig. 1.
Raul Sanabria, President of Baroyeca said: “With the completion of the title transfer and the registry of the Atocha project in our subsidiary’s name, we have achieved a major milestone in securing our 100% interest in the project, eliminating any risks derived from operation contracts and third-party obligations”.
About Baroyeca Gold & Silver Inc.
Baroyeca Gold & Silver Inc. is a mineral exploration company focused on high-grade silver and gold projects located in Colombia. Baroyeca’s flagship asset is the high-grade Atocha Silver-Gold Project located in Tolima Department, Colombia. The Company also holds an option to acquire a 100% interest in the Santa Barbara Property, Bolivar Department, Colombia, which is renowned for its high-grade gold mineralization and vein density. Current exploration activities on the Santa Barbara Property involve the bulk sampling of vein structures, which material then feeds into a trial production facility which has consistently been producing gold for over a year. The revenue from the sale of produced gold defrays part of the operating costs. The Company is planning to expand these activities.
The Company’s Board and senior management are committed to creating shareholder value through the discovery process, careful allocation of capital, and environmentally and socially responsible mineral exploration.
Raul Sanabria, M.Sc., P.Geo., President of Baroyeca Gold & Silver Inc. and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
BAROYECA GOLD & SILVER INC.
Per: “Raul Sanabria”
Raul Sanabria, President
FOR INFORMATION CONTACT:
Rick Wilson - (604) 351-3599