TORONTO, ONTARIO--(Marketwired - May 6, 2014) - Minsud Resources Corp. (TSX VENTURE:MSR) ("Minsud" or the "Company") announces the restructuring and rescheduling of payments on the existing Minas de Pinto´s Option Agreement. The Minas de Pinto owners have settled the Minas de Pinto trust (the "Trust") and then transferred the 100% of the mining properties included in the former Option Agreement retaining the 100% interest in the Trust. Simultaneously, Minera Sud Argentina S.A., a 98.45 % controlled subsidiary of Minsud, acquired the 50% interest in the Trust for total consideration of US$ 412,500 payable as follows: US$ 50,000 at signature date, (already paid); US$ 50,000 on May 7, 2015; US$ 50,000 on November 7, 2015; US$ 57,500 on May 7, 2016; US$ 75,000 on May 7, 2017 and US$ 130,000 on May 7, 2018.
The financing of the acquisition of the first 50% interest in the Trust is a non-recourse obligation. If Minsud cannot meet the payments it would have to return such interests to the Minas de Pinto´s owners, but after paying the half of this first 50% the return would be proportional to any unpaid balance.
Additionally, the Minas de Pinto owners granted an Option to purchase the remaining 50% interest in the Trust by paying US$ 1,335,000 on or before May 7, 2019. Such Option includes tenure of the mining properties and the exclusive right to explore and prospect on the Minas de Pinto properties.
Carlos Massa Minsud´s President & CEO, states: "After restructuring the Brechas Vacas and now the Minas de Pinto Agreements, Minsud ´s management believes that it is in a much better position to continue with systematic exploration work on the Chita Valley Project."
About the Minas de Pinto Properties:
The Minas de Pinto properties package is made up of the following mining concession: Arqueros, San Marcos, Estrellita, Paulita, Paulita II, Pierina II, Pierina III, San Pablo, San Urbano and Rosita II, covering a surface of 2,445 hectares in the eastern part of the Chita Valley Project, adjacent to the Chita property.
About Minsud Resources Corp.:
Minsud is a mineral exploration company focused on exploring its flagship Chita Valley Au- Ag- Cu Project, in the Province of San Juan, Argentine Republic. The Company also holds a 100% owned portfolio of selected early stage prospects, including 28,000 has in Santa Cruz Province, Argentine Republic.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, spending commitments, future operations, results of exploration, anticipated financial results, future work programs, capital expenditures and objectives. Forward looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward- looking information, including the risks identified in the Company's TSXV Filing Statement dated April 27, 2011 under the heading "Risk Factors" as available on www.sedar.com. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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