Patagonia Gold, the mining company with gold and silver projects in the southern Patagonia region of Argentina, Chile and Uruguay, has completed the acquisition of the Calcatreu Deposit from Pan American Silver Corp.
On 28 December, the company announced that it had entered into a definitive agreement with Pan American Silver Corp to acquire the Calcatreu Deposit for a total consideration of US$15 million.
Patagonia Gold has made the initial payment of US$5 million with the balance of US$10 million due on 18 May 2018.
As a result of the transaction, Patagonia Gold, through a wholly owned subsidiary, has acquired Minera Aquiline Argentina SA which owns 100% of the Calcatreu Deposit.
The company hopes to receive the appropriate permits to commence exploration work during the first quarter 2018.
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