Quinto Real Capital Corporation

Quinto Real Capital Corporation

September 23, 2013 07:00 ET

TomaGold and Quinto Agree to a Definitive Agreement Regarding the Monster Lake Property

MONTREAL, QUEBEC--(Marketwired - Sept. 23, 2013) - TomaGold Corporation (TSX VENTURE:LOT) ("TomaGold" or the "Corporation") and Quinto Real Capital Corporation (TSX VENTURE:QIT) ("Quinto") have agreed to a definitive co-ownership agreement (the "Agreement") to amend their option agreement dated November 26, 2012 (the "Option Agreement") for the Monster Lake property, located near Quebec's Chibougamau mining camp (the "Property").

Pursuant to the Agreement, TomaGold transfers and sells to Quinto an undivided interest of 10% in the Property in exchange for the retrocession by Quinto of all its rights in the Option Agreement and its renunciation to all its rights and privileges provided in the Option Agreement. Accordingly, subject to adjustments provided in the Agreement, TomaGold will henceforth hold an undivided interest of 90% in the Property and will be the sole operator of the project.

Moreover, Quinto is discharged from a debt of $500,000 and of the obligation to refund of February 28, 2013. Quinto will obtain releases from the holders of the debentures issued on February 2013. TomaGold undertakes to take charge of the debentures of Quinto and to indemnify Quinto starting from the closing of the transaction.

David Grondin, President and CEO of TomaGold, stated that: "This new agreement is very positive for both parties because it will enable us to optimize the development of the Monster Lake project. TomaGold becomes the sole operator of the project and continues to consolidate its dominant position around Monster Lake, while Quinto retains a 10% interest in a high-value project with growing potential."

This transaction is subject to the approval of the TSX Venture Exchange and other regulatory authorities.

About TomaGold Corporation

TomaGold Corporation is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad.

About Quinto Real Capital Corporation

Quinto Real Capital Corporation is a Canadian-based mining exploration company focused on the exploration, evaluation and development of gold mining properties with a view to commercial production.

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 news release.

Contact Information

  • TomaGold Corporation
    David Grondin
    President and Chief Executive Officer
    (514) 206-7727

    Quinto Real Capital Corporation
    Michael Curtis
    President and Chief Executive Officer
    (514) 303-7895