VANCOUVER, British Columbia, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Lucky Minerals Inc. (TSX-V:LJ) (OTCQB:LKMNF) (FRA:8LM) (“Lucky” or the “Company”) is pleased to announce that it has entered into a binding letter of intent (“LOI”) with Monterra Resources S.A. (“Monterra”), a private company incorporated under the laws of Panama, to acquire 100% of Goldmindex S.A. (“Goldmindex”), a private Ecuadorian company, by way of a share exchange between Lucky and Monterra (the “Transaction”). Robert Rosner, Lucky Minerals’ CEO commented, “Lucky’s management and directors are excited to enter into this Transaction. It builds upon Lucky’s solid base in the core of the mineralized and intensely altered Emigrant Mining district in Montana, and adds a prospective land package in the heart of a prolific Ecuadorian mineral belt.” Commenting on behalf of Monterra, Monterra’s head of Corporate Affairs and International Investor Relations, Peter Nesveda, said, “Monterra Resources is very pleased to be working with Lucky Minerals and looks forward to the exploration of Monterra Resources’ substantial Fortuna concessions located near a number of significant gold and copper discoveries made during the last 20 years in Ecuador.”
Assets Being Acquired
Through the Transaction, Lucky is gaining Goldmindex’s 100% interest in a 54,985 hectare (550 km2) contiguous property position comprising 12 individual mineral concessions located 50 km south of Cuenca, the capital of Azuay province (the “Fortuna Property”). The Fortuna Property is accessible via the Pan American highway, secondary all-weather roads and a network of gravel roads, and has a readily available workforce nearby and a year-round operating season. There is a power transmission line within 10km and abundant water available to support exploration activities on the Fortuna Property.
To view the entire News Release and full details of the transaction, please follow the link:
ON BEHALF OF THE BOARD
Chief Executive Officer
Shaun Dykes, M.Sc. (Eng); P.Geo (#20044), is a non-independent Qualified Person as defined in NI 43-101, who is responsible for the review of all scientific and technical information contained in this press release.
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Source:Lucky Minerals Inc.