Bravada Receives Initial Payments for the Wind Mountain Deposit
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 6, 2014) - Bravada Gold Corp. ("Bravada" or the "Company") (TSX VENTURE:BVA)(FRANKFURT:BRT) has received the initial cash and stock payments from Mantra Capital Inc. for the sale of the Wind Mountain gold/silver property in Nevada. The sale price consists of staged payments totalling approximately Cd$5.2 million as follows:
- $25,000 upon execution of the Definitive Agreement (received);
- $275,000 cash and $100,000 in Mantra common shares by August 1, 2014 (received);
- $700,000 cash and $100,000 in Mantra common shares by August 1, 2015;
- $2,000,000 by August 1, 2016; (Note) and
- $2,000,000 by August 1, 2017(Note).
Note: Mantra may satisfy the payment of 50% of each payment by the issuance of its common shares valued at market prices at the respective payment dates.
President Joe Kizis commented, "With the transaction with Mantra now behind us, Bravada will continue its core business of exploring its remaining mineral properties in mining-friendly Nevada. There has been renewed interest in Nevada properties from potential joint-venture partners recently, and the Company is discussing possible partnerships for many of the Company's 13 current properties, several of which have drill targets already delineated from our work to date.
"With future cash flow from the sale of Wind Mountain and potential royalty payments from the Shoshone Pediment barite deposit, Bravada is in a strong position to make major new discoveries on our critically selected land positions in Nevada's most prolific gold trends."
About Bravada Gold Corporation
Bravada is a member of the Manex Resource Group of companies with an exploration office in Reno, from which it is exploring its extensive Carlin-type and low-sulfidation-type gold holdings strategically located within numerous productive gold trends in Nevada. Homestake Resource Corp. (TSX VENTURE:HSR) owns approximately 9.8% of Bravada's 11,970,210 outstanding common shares.
On behalf of the Board of Directors of Bravada Gold Corp.
Joseph A. Kizis, Jr., Director, President, Bravada Gold Corp.
Neither 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.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Bravada Gold Corp. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
