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Austral expands Pingüino with project acquisition

1st April 2020

By: Creamer Media Reporter

     

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ASX- and TSX-V-listed Austral Gold will expand the area of its Pingüino project by securing an additional 7 000 ha, resulting in a new exploration cluster in Santa Cruz, Mexico.

The company on Wednesday announced the acquisition of an 80% interest in TSX-V-listed New Dimension Resources’ Sierra Blanca gold/silver project for $800 000 in cash and work commitments.

The company has a follow-on option to purchase the remaining 20% interest for an additional $2.3-million cash and certain work commitments.

The transaction is expected to close at the end of April.

Edited by Creamer Media Reporter

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