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cangold ltd (CLD) Details

Cangold Limited, a junior mining exploration company, is engaged in the acquisition, exploration, and development of gold projects in Mexico and Canada. The company owns 100% interests in the Argosy Gold mine that consists of 1,616 hectares and is located in northwestern Ontario, Canada; and the Plomo project covering 4,279 hectares and is located in north-western Sonora, Mexico. The company is headquartered in Vancouver, Canada.

cangold ltd (CLD) Top Compensated Officers

Chief Executive Officer, President and Execut...
Total Annual Compensation: C$39.6K
Executive Chairman and Member of Audit Commit...
Total Annual Compensation: C$34.9K
Chief Financial Officer
Total Annual Compensation: C$36.0K
Compensation as of Fiscal Year 2013.

cangold ltd (CLD) Key Developments

Cangold Limited Signs Option Agreement to Acquire from Vista Gold Corp

Cangold Limited announced that it has signed the formal option agreement whereby Cangold has been granted an option to acquire from Vista Gold Corp., up to a 100% interest (subject to certain underlying royalties) in the mining rights to the Guadalupe de los Reyes Project in Sinaloa, Mexico. The Guadalupe de los Reyes Project comprises 6,302 hectares, covering a past-producing district dating back to 1772. Terms of the option call for Cangold to pay to Vista a total of $5,000,000 in staged payments over three years (a total of $1,000,000 in three payments in the first year, $150,000 of which was paid upon closing) in order to acquire a 70% interest in the project. Cangold may then purchase the additional 30% by making a positive production decision and paying to Vista $3,000,000 plus an escalator payment based upon the price of gold and the number of NI 43-101 Measured and Indicated gold equivalent ounces over and above those in the March 2013 PEA, at the time of the decision. Should Cangold elect not to place the project into production, Vista will have the option to buy back the original 70% for $5,000,000 plus a similar escalator payment.

Vista Gold Corp. Announces Letter Of Intent to Option Guadalupe De Los Reyes Project to Cangold Limited

Vista Gold Corp. announced that it has signed a non-binding letter of intent (the "LOI") to option its interest in the Guadalupe de los Reyes gold and silver project in Sinaloa, Mexico (the "GdlR Project") to Cangold Limited. The LOI provides that a non-refundable $50,000 payment be made to Vista for which Cangold will have a 90 day period of exclusivity (the "Exclusivity Period") to complete due diligence and negotiate and enter into a definitive option agreement with Vista. The LOI contemplates that the option agreement (if entered into) will provide that Cangold may earn a 70% interest in the GdlR Project by: making payments totaling $5,000,000 in five payments over a three-year period, with payments totaling $1,000,000 in the first year, $1,500,000 in the second year and $2,500,000 in the third year; operating the GdlR project, maintaining the concessions comprising the GdlR Project in good standing; and fulfilling all of the obligations of Vista's wholly-owned subsidiary, Minera Gold Stake, S.A. de C.V. ("MGS") to the Ejido La Tasajera (the "Ejido") as set out in the temporary occupation contract between MGS and the Ejido. The option agreement is expected to further provide that all cash payments are non-refundable and optional to Cangold, and in the event Cangold fails to pay any of the required amounts on the scheduled dates or fails to comply with its other obligations, the option agreement will terminate and Cangold will have no interest in the GdlR Project. Provided it is not in breach of the option agreement, Cangold may at its discretion advance the above payment schedule and exercise the initial option for a 70% interest in the GdlR Project any time during the three-year period. Subject to Cangold earning a 70% interest in the GdlR Project, pursuant to the option agreement Cangold will be granted an additional option to earn the remaining 30% interest in the GdlR Project, by notifying Vista of a production decision and by making a cash payment to Vista of $3,000,000 plus an additional cash payment based on a formula that includes the growth, if any, in estimated NI 43-101 compliant Measured and Indicated mineral resources of the GdlR Project, and the then prevailing spot gold price ("Escalator Payment"). Should Cangold determine not to put the GdlR Project into production, the Option Agreement will provide Vista the right to buy back Cangold's 70% interest in the GdlR Project for a cash payment of $5,000,000 plus an additional cash payment based on the same formula for the Escalator Payment described above. If Vista does not exercise its buyback option, Vista will still retain a right of first refusal should Cangold elect to sell its 70% interest in the GdlR Project to a third party. The option agreement will also contain terms to provide that Cangold will be the operator of the GdlR Project and set forth the responsibilities and obligations of Cangold in this respect.

Cangold Ltd. Proposes Alteration of the Articles

Cangold Ltd. at its AGM to be held on December 13, 2013, will approve the alteration of the Articles of the company.


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