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Minera Alamos gets Prime Mining stake as it finalizes Guadalupe option agreement

In April, the firm optioned its rights to acquire the Guadalupe gold property to Prime, which was then known as ePower Metals

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Minera Alamos now owns 16.1% of Prime Mining

Minera Alamos Inc (CVE:MAI) announced Friday that it has acquired a 16% stake in Prime Mining Corp after closing on the agreement to option its rights to the Guadalupe de Los Reyes project to Prime.

In April, Toronto-based Minera Alamos announced the deal with Prime, which was then known as ePower Metals Inc, in exchange for a stake in the company. 

READ: Minera Alamos formalizes deal with ePower Metals on Guadalupe gold project

The junior company has acquired 9.45 million shares of Prime at a price of C$0.30 per share and additional warrants to purchase up to 3.35 million shares at C$0.50 per share. The securities issued are subject to a four-month plus one-day holding period beginning December 28, 2019.

Minera Alamos currently owns 16.1% of Prime Mining. The company told investors that it does not intend to make any further investments in Prime but may do so in the future.

The Guadalupe project in Sinaloa, Mexico boasts a mineral resource of 380,000 gold ounces at a grade of 1.7 grams per ton and over 6 million ounces of silver grading at 28.7 grams per ton.

The company envisions Guadalupe as an open pit mine with heap leach processing.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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Price: 0.69 CAD

TSX-V:MAI
Market: TSX-V
Market Cap: $281.15 m
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