New Destiny Mining is pleased to announce that it has entered into a non-binding letter of intent with Central America Mining with respect to their 100% owned Fuente De Oro property in Libertad district of Nicaragua.
As per the terms of the LOI New Destiny will pay a non-refundable $15,000.00 USD cash deposit, which should New Destiny and CAM reach a definitive agreement will be included in the purchase/option price.
The LOI is intended to serve as a basis for the completion of due diligence on the Property, including an independent NI 43-101 compliant technical report and review of a title opinion.
The LOI has a drop dead date of July 24th, 2014.
The Fuente De Oro property encompasses 8570.36 hectares of mineral rights which is considered prospective for gold and silver and is located less than 10 km’s away from B2Gold’s 100% owned La Libertad open pit gold mine.
The La Libertad mine 2013 projection was to produce approximately 131,000 to 137,000 ounces of gold with an operating cash cost of approximately $560 to $590 per ounce.