Cervantes Corporation Limited: Paynes Find Project Purchase Update

As announced 21 December 2017, Cervantes Corporation Limited (ASX:CVS) (the Company) confirmed that the purchase of the Paynes Find Gold Project from European Lithium Ltd. (ASX:EUR) (EUR) (the Transaction) had settled.

The total consideration in relation to the Transaction comprises $500,000 cash (of which $270,000 has been paid to date) and $500,000 in share consideration (paid). The parties have agreed to amend the payment terms of the remaining deferred cash consideration payable (being $230,000) as set out below:

- $75,000 on or before 31 March 2018 (paid);

- $75,000 on or before 31 May 2018; and

- $80,000 on or before 30 June 2018.


About Cervantes Corporation Limited:

Cervantes Corporation Limited (ASX:CVS) is an emerging gold explorer and aspiring gold miner. It has built up a portfolio of gold properties in well-known and historically producing gold districts with a strategy to apply novel exploration and development thinking. Cervantes has identified opportunities in those districts that were overlooked by previous explorers. The company is committed to maximizing shareholder value through the development of those opportunities.



Contact:

Cervantes Corporation Limited
Collin Vost Executive Chairman
T: +61-8-6436-2300
E: cvost@cervantescorp.com.au