TriStar Amends Purchase Agreement for the Castelo de Sonhos Property
HOUSTON--(BUSINESS WIRE)--TriStar Gold Inc. (the “Company” or “TriStar”) announces that it has entered into an amending agreement with the vendor of the Castelo de Sonhos property in Brazil to extend the due dates of the remaining payments to the vendor. Under the amending agreement, a payment of US$300,000 due in March of this year has been amended to three payments of US$100,000 each payable over the next 11 months, with the first such payment due on March 13, 2014. The final payment, in the amount of US$1,425,000 formerly due in September 2014, has been increased by US$75,000 and is deferred until July 2015. In addition, under the amending agreement, the Company has agreed to issue 1,000,000 shares of the Company to the vendor and pay US$3,600,000 out of production from the property over and above its royalty. At its option, TriStar may pay to the vendor US$1,500,000 on or prior to the making of a construction decision in lieu of the payment out of production. The issuance of the 1,000,000 shares under amending agreement is subject to acceptance for filing by the TSX Venture Exchange.
TriStar Gold is a gold exploration company focused on high-potential properties in Brazil. In addition to Castelo de Sonhos, TriStar holds another exploration project in the Tapajós district known as the Bom Jardim Property. The Company’s shares are listed on the TSX Venture Exchange under the symbol TSG-V. Further information is available at www.Tristarau.com.
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation which are not historical facts and are made pursuant to the "safe harbour" provisions under the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon the Company's reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company's plans to change include changes in demand for and price of gold and other commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments in Brazil; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the company’s projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.