Patagonia Gold To Buy Exploration Properties In Argentina From Goldcorp

( - Patagonia Gold Plc (PATAF.PK, PAT.TO, PGD.L), a mining company with gold and silver projects in the Patagonia region of Argentina, Chile and Uruguay, announced Friday that it has agreed to acquire four additional exploration property blocks located in the Province of Santa Cruz, Argentina, from Goldcorp Inc. (GG, G.TO).

Patagonia Gold has entered into an agreement to purchase the property blocks from Oroplata SA, a 100 percent subsidiary of Goldcorp, a large gold producer in the region.

The acquisition of the property blocks is in exchange for a 1 percent net smelter royalty of any future production, if and when the properties are put into production. The company noted that the properties are highly prospective with limited historical exploration activity.

Pursuant to the terms of the agreement, Oroplata SA will transfer ownership of the four property blocks compromising 20 mineral tenements to Minera Minamalu SA, a subsidiary of Patagonia Gold.

In the event Minera Minamalu decides, at its own discretion, to relinquish the properties, it must give forty-five days' notice to Oroplata SA, such that it may take the properties back. The acquisition will be formalised upon execution of a public deed and registered with the Secretary of Mines in Province of Santa Cruz.

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