Palamina Completes Projects Sale to Winshear Gold & Receives US$25,000 Advance Royalty Payment
Toronto, September 28, 2020 - Palamina Corp. (TSXV: PA) has been issued an additional 400,000 common shares of Winshear Gold Corp. for a total 10,000,000 common shares completing the sale of the Gaban Gold and Tinka I.O.C.G. projects. Winshear Gold also provided Palamina a US$25,000 annual advance royalty payment as required under the property purchase agreement. Annual advance royalty payments will cease once Winshear Gold has completed 5,000 metres of drilling on the Gaban or Tinka projects.
Winshear Gold also announced a further $507,500 was added to their treasury through the exercise of warrants which expired on September 19, 2020. As of September 24, 2020, Winshear Gold had 53,124,318 common shares outstanding. Pursuant to the issuance of shares to Palamina and the warrant exercise, Palamina holds 18.6% of the issued capital of Winshear, a 2% N.S.R. per project and is entitled to further advance royalty payments.
Winshear Gold continues to advance the Gaban Gold Project with a view to defining the best target areas for drill testing. The Gaban Gold Project is in the drill discovery phase.
About Palamina Corp.
Palamina is a junior exploration company with first mover advantage on 4 district scale gold projects in south eastern Peru in the Puno Orogenic Gold Belt (POGB). Palamina is primarily focused on advancing the Coasa Gold Project. Palamina alos holds an 18.6% equity interest in Winshear Gold Corp. (formerly Helio Resource Corp.) who are advancing their Gaban Gold Project. Both Coasa and Gaban are in the drill discovery phase. Palamina has 45,284,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA.
FOR FURTHER INFORMATION PLEASE CONTACT:
Andrew Thomson, President
Phone: (416) 987-0722 or visit www.palamina.com
Neither the 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.
Not for distribution to U.S. newswire services or dissemination in the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64736