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Thursday, Feb 9, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


GoldHaven signs LOI with Oro Atacama for gold exploration projects in Chile

Atacama SpA has three properties India Coya, Los Sapos and Pepita

GoldHaven signs LOI with Oro Atacama for gold exploration in Chile
India Coya Operation. Photo via GoldHavenGroup/GoldHaven Resources Corp.)

GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) (FSE: 4QS) wants to purchase the gold mining areas owned by the Chilean mining group Atacama SpA and has entered into a Letter of Intent to assess a plan of arrangement for its project portfolio in the Atacama region.

The Vancouver-based mining company announced Thursday that the region projects look promising for gold production.

Atacama SpA has three properties India Coya, Los Sapos and Pepita where two are already in the advanced-stage exploration stage and the company says they are on the way to producing gold.

The projects are also located near GoldHaven’s current project portfolio in Maricunga. Under the plan, GoldHaven will acquire all of the outstanding common shares of Oro Atacama SpA, as well as those of GoldHaven’s existing subsidiaries, GoldHaven Resources Chile SpA and 1243461 B.C. Ltd., which hold all of GoldHaven’s Chilean properties.

Oro Atacama will complete a pre-plan of arrangement to cover transactional working capital via the issuance of 625,000 special warrants at $0.40 per special warrant raising $250,000. GoldHaven will also settle consulting fees of $468,750 due and owing at that time by the issuance of 937,500 shares.

“It has always been a central focus of mine to deliver as much shareholder value as possible in Chile for GoldHaven shareholders,” GoldHaven CEO Justin Canivet said.

“I am thrilled to be moving forward with Oro Atacama and our proposal to create a new and exciting gold junior with advanced-stage exploration projects that have the potential to be fast-tracked toward production and provide much needed cash flow.”

Read more: West Red Lake Gold Mines technical instrument shows both indicated and inferred gold availability

Read more: Orea Mining acquires Nordgold’s 55 per cent stake in French Guiana gold mine

GoldHaven and its financing engagement team will secure an additional $2 million in financing through the offering of 4 million common shares of Oro Atacama Minerals Corp. at the price of $0.50 per common share to be held by GoldHaven or a registered securities dealer pending the plan closing.

The money will be used to get production started at India Coya and Los Sapos and to continue with further surface trenching and geochemical analysis at Alicia and Roma where GoldHaven has already identified 12 high-priority targets.

Oro Atacama Spa president Raul Dagnino who is also president of the drilling company Terraservice said the proposed strategic transaction is a formidable step towards unlocking “the most value” Chile has to offer.

“I look forward to working with Justin and his team at GoldHaven to move through the due diligence process as quickly as possible and to work towards achieving our ultimate goals of fast-tracking production, generating positive cash flow and maximizing shareholder value,” Dagnino said.

Upon the completion of GoldHaven’s financing, the company will present the final court order and its updated applications for the approval of Oro Atacama Minerals Corp.’s listing on the Canadian Securities Exchange.

Read more: Calibre gets approval to extend Nevada mining operation for 5 years

Read more: Calibre Mining high-grade gold drill positive results to continue at Panteon North, say analysts

GoldHaven signs LOI with Oro Atacama for gold exploration in Chile

GoldHaven’s Chilean Portfolio. Photo via GoldHaven Resources Corp.


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