VANCOUVER, British Columbia, April 11, 2018 (GLOBE NEWSWIRE) -- Lucky Minerals Inc. (TSX-V:LJ) (OTCQB:LKMNF) (FRA:8LM) ("Lucky" or the "Company") is pleased to announce that, further to the Company's news release dated as of February 20, 2018, it is on track to acquire 100% of Goldmindex S.A. ("Goldmindex"), a private Ecuadorian company, by way of a share exchange between Lucky and Monterra Resources S.A. ("Monterra"). Lucky will acquire all of the issued and outstanding shares of Goldmindex from Monterra and one individual (collectively the "Vendors"), in exchange for common shares of the Company to be issued to the Vendors (the "Transaction"). Robert Rosner, Lucky Minerals' CEO, commented, "Although the Transaction has taken longer than originally expected mainly due to administrative delays in Ecuador and due diligence proceedings, I can confirm that the acquisition process is on track to be completed during the month of April, the whole being subject to regulatory and TSX Venture Exchange's approval on the Transaction."
As part of the due diligence process, Lucky has received positive reports from geological site inspections, which support the Company's view that this acquisition is set to provide the Company with several development opportunities in the heart of a prolific Ecuadorian mineral belt.
Lucky is gaining Goldmindex's 100% interest in a 54,985 hectare (550 km2) contiguous property position comprising 12 individual mineral concessions located 50km south of Cuenca, the capital of Azuay province in Ecuador (the "Fortuna Property"). As previously described, the Fortuna Property is a prospective land package located in the heart of a prolific Ecuadorian mineral belt near a number of significant gold and copper discoveries made during the last 20 years.
Following signing of the binding letter of intent between Lucky and Monterra on February 8, 2018 (the "LOI"), Lucky and its representatives undertook a due diligence review of Goldmindex, Monterra, and the Fortuna Property, with the intention of signing a definitive agreement following.(more)
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ON BEHALF OF THE BOARD
Chief Executive Officer
Contact Information: For more information please contact Robert Rosner at (866) 924-6484 or [email protected].
NEITHER TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Lucky Minerals Inc. via Globenewswire