Lucky Minerals Executes Definitive Agreement for Acquisition of Goldmindex and its 54,985 Hectares of Contiguous Mineral Concessions in the Heart of Ecuador’s Main Mining Province
For Immediate Release
NEWS RELEASE
LUCKY MINERALS EXECUTES DEFINITIVE AGREEMENT FOR ACQUISITION OF GOLDMINDEX AND ITS 54,985 HECTARES OF CONTIGUOUS MINERAL CONCESSIONS IN THE HEART OF ECUADOR’S MAIN MINING PROVINCE
Lucky Minerals Exectu
Vancouver, B.C. April 30, 2018 – Lucky Minerals Inc. (TSX.V: LJ) (OTCQB: LKMNF) (FRA:8LM) (“Lucky” or the “Company”) is pleased to announce that, further to the Company’s news release of April 11, 2018, it has entered into a share exchange agreement (“Share Exchange Agreement”) with Monterra S.A. (“Monterra”) in order to acquire Goldmindex S.A. (“Goldmindex”), a private Ecuadorian company whose primary asset is a 100% interest in a 54,985 hectare (550 km2) contiguous property position in the heart of a prolific mineral belt in Azuay Province, Ecuador, 50 km south of Cuenca, the province’s capital.
The large land package, known as the “Fortuna Property”, is comprised of 12 individual mineral concessions near a number of significant gold and copper discoveries that have been made over the last 20 years in the region, and is considered to be highly prospective for exploration and development opportunities across all the concessions.
Following the execution of a letter of intent with Monterra on February 8, 2018, the Company undertook a thorough due diligence process and is satisfied that all conditions attendant to the transaction have been met. As such, Lucky will acquire 99.875% of Goldmindex’s common shares held by Monterra, and the remaining 0.125% held by minority shareholders. Consideration will consist of 16,000,000 Lucky shares issued on a restricted basis, which will be released to Monterra from escrow over a 36 month period. Further consideration will be the assumption of Goldmindex’s commercial debt totalling a maximum of US$200,000.
The Company is also party to a transition agreement (“Transition Agreement”) pertaining to the Goldmindex acquisition which provides for a further 5,000,000 shares being issued over a 16 month period in relation to ongoing advisory services in respect to the management and development of the Fortuna Property, along with the payment of $90,000 annually over a three year period. Both the Share Exchange Agreement and the Transition Agreement are subject to TSX Venture Exchange approval.
Robert Rosner, Lucky Minerals CEO, stated “The acquisition of the Fortuna concessions is a significant
milestone for Lucky Minerals. This transaction exposes the Company and its shareholders to a wealth of exploration opportunities. Ecuador has a proven mineral endowment which in recent years has attracted the renewed attention of numerous, well established industry players. Lucky’s management believes that the sizeable property package it has locked up in the heart of a very prolific and proven district, hosts the potential for world class mineral discoveries.”
Mark Tory, President and CEO of Monterra said, “On behalf of the Board of Monterra we are very pleased to complete the transaction with Lucky Minerals. We are excited about the months to come as Lucky
202-905 W. Broadway Street, Vancouver, BC V5Z 4M3 | T: (866) 924-6484
Minerals begins to explore the Fortuna Concessions. We are also pleased to confirm we at Monterra Resources are working closely with Lucky Minerals to harness the abilities of both companies which now are coming together.”
About Lucky Minerals:
Lucky Minerals Inc.’s strategy is to acquire and advance property interests located in mineral districts proven to have world class potential, primarily for gold and copper. Lucky Minerals Inc.’s Emigrant Project is focused on the exploration and development of several targets located in the core of the mineralized and intensely altered Emigrant Mining District, South-central Montana. Lucky Minerals shares trade on the TSX Venture
Exchange under the trading symbol LJ and through the OTCQB under the symbol LKMNF.
ON BEHALF OF THE BOARD
“Robert Rosner”
Chief Executive Officer
Contact Information: For more information please contact Robert Rosner at (866) 924-6484 or
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.
202-905 W. Broadway Street, Vancouver, BC V5Z 4M3 | T: (866) 924-6484