Vancouver, British Columbia--(Newsfile Corp. - May 1, 2018) - Lucky Minerals (TSXV: LJ) (OTCQB: LKMNF) (FSE: 8LM) has executed the definitive agreement for the acquisition of Goldmindex. S.A., from Monterra S.A. Goldmindex is a private Ecuadorian company whose primary asset is a 100% interest in a 55,000 hectare, or 550 square kilometre, contiguous property position in the heart of a prolific mineral belt in Azuay Province, Ecuador, 50 kilometres south of Cuenca, the province's capital.
The large land package, known as the "Fortuna Property", is comprised of 12 individual mineral concessions near a number of significant gold and copper discoveries that have been made over the last 20 years in the region, and is considered to be highly prospective for exploration and development opportunities across all the concessions.
Consideration will consist of 16 million Lucky shares issued on a restricted basis, which will be released to Monterra from escrow over a 36-month period, in addition to assuming Goldmindex's commercial debt totalling a maximum of US$200,000. Lucky will also issue 5 million shares over a 16-month period in relation to ongoing advisory services in respect to the management and development of the Fortuna Property, along with the payment of $90,000 annually over a three year period. Both the Share Exchange Agreement and the Transition Agreement are subject to TSX Venture Exchange approval.
Robert Rosner, Lucky Minerals CEO, stated: "The acquisition of the Fortuna concessions is a significant milestone for Lucky Minerals. This transaction exposes the Company and its shareholders to a wealth of exploration opportunities. Ecuador has a proven mineral endowment which in recent years has attracted the renewed attention of numerous, well established industry players. Lucky's management believes that the sizeable property package it has locked up in the heart of a very prolific and proven district, hosts the potential for world class mineral discoveries."
Mark Tory, President and CEO of Monterra added: "On behalf of the Board of Monterra we are very pleased to complete the transaction with Lucky Minerals. We are excited about the months to come as Lucky Minerals begins to explore the Fortuna Concessions. We are also pleased to confirm we at Monterra Resources are working closely with Lucky Minerals to harness the abilities of both companies which now are coming together."
Lucky Minerals Inc.'s strategy is to acquire and advance property interests located in mineral districts proven to have world class potential, primarily for gold and copper.
The company's Emigrant Project is focused on the exploration and development of several targets located in the core of the mineralized and intensely altered Emigrant Mining District. The company's Emigrant Creek Project which covers a 15 square kilometer area, or 6 square miles, is located in the core of the mineralized and intensely altered Emigrant Mining District, a large-scale porphyry copper-gold-molybdenum system in southern Montana that could potentially host a multi-million ounce gold deposit.
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