- Ridgestone Mining (RMI) has amended the Guadalupe y Calvo (the GyC Project) Project agreement with Endeavour Silver, and has provided a corporate update
- The company ageement with Endeavour Silver Corp. was for the acquisition of a 100-per-cent interest in the Guadalupe y Calvo Project
- The revised agreement effectively extends the cash, share and work commitments (inclusive of any shortfalls) in Year 2 of the agreement to March 1, 2024 (from Feb 19, 2023)
- With the recent resignation of its former CEO, the company has appointed Brian Goss as Interim Chief Executive Officer and President, effectively immediately
- Ridgestone Mining has assembled a highly-experienced and dynamic team to explore and advance its projects in Mexico
- Ridgestone Mining Inc. was unchanged at as at $0.02 at 11:24 AM ET
Ridgestone Mining (RMI) has amended the Guadalupe y Calvo (the GyC Project) Project agreement with Endeavour Silver, and has provided a corporate update.
The company has amended the property option agreement dated January 27, 2021, with Endeavour Silver Corp. to acquire a 100-per-cent interest in the Guadalupe y Calvo Project.
The GyC Project, which is located in the prolific Sierra Madre gold belt in Chihuahua State, Mexico, is host to NI 43-101 gold-equivalent resource of 356,000 ounces in indicated and 460,000 ounces in inferred.
The revised agreement effectively extends the cash, share and work commitments (inclusive of any shortfalls) in Year 2 of the agreement to March 1, 2024 (from February 19, 2023).
Also, the Year 3 commitment date has been revised to March 1, 2025 (from February 19, 2024) and Year 4 commitment date has been revised to March 1, 2026 (from February 19, 2025).
However, the total commitments and expenditures for the entire agreement remain the same.
“The revised agreement provides the company with additional financial flexibility to complete, effectively extending the second-year commitments over a two-year period, and extends the overall agreement by an additional year,” explained Brian Goss, Interim CEO and Director.
“Given the current market conditions in addition to the logistical challenges due to COVID-19 globally, this allows us to better plan the next steps for expanding the maiden resource tabled last year,” he added.
Furthermore, given the recent resignation of its former CEO, the company has appointed Brian Goss as Interim Chief Executive Officer and President, effectively immediately.
Goss graduated from Wayne State University with a Bachelor of Science degree in geology in 2003.He held several project geologist positions before eventually founding Rangefront Mining Services in early 2008.
In addition, the company plans to seek shareholder approval at its upcoming annual general meeting to consolidate its outstanding common shares on a ratio of up to 20 pre-consolidation common shares for one post-consolidation common share.
Ridgestone Mining has assembled a highly-experienced and dynamic team to explore and advance its projects in Mexico.
Ridgestone Mining Inc. was unchanged at as at $0.02 at 11:24 AM ET.