Latin Metals Inc. signed an offer letter with Patagonia Gold Corp. which sets out the proposed commercial terms of a definitive option agreement whereby Patagonia will be provided with the option to acquire the Company’s interest in the Mina Angela project. To exercise the Option in full, Patagonia will be required to make payments to Latin Metals in the aggregate amount of US$ 1 million cash and will also be required to grant to Latin Metals a 1% net smelter returns royalty on any future production from the Project. The Mina Angela property is situated in the Somuncura Massif of southern Argentina and is comprised of 44 individual claims located approximately 50 km east-southeast of Patagonia’s 100% owned Calcatreu gold project. With this agreement, Patagonia seeks to consolidate its presence in southern Argentina, where it is developing five projects in the Santa Cruz province, besides the aforementioned Calcatreu, in Río Negro.
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