Vancouver, British Columbia--(Newsfile Corp. - April 24, 2018) - Pan Global Resources Inc. (TSXV: PGZ) ("Pan Global" or the "Company") is pleased to announce it has exercised its option to acquire an undivided 70% equity interest in Minera Aguila, S.L., a Spanish company which has been granted 2 mineral exploration licenses covering an area of 9,946 hectares, and has applied for the issuance of an additional 7 mineral exploration licenses covering an area of 6,420 hectares, in the Provinces of Cordoba and Ciudad Real, Kingdom of Spain. PGZ directors Bob Baxter and Bob Parsons will join CEO Tim Moody on the board of directors of Minera Aguila, S.L.
The Company paid the vendor, CEO Tim Moody, the sum of $50,000 and issued 2,200,000 common shares to exercise the option. The Company also incurred exploration expenditures in excess of $250,000 on the license areas, and reimbursed the vendor all costs incurred and paid by the vendor to acquire the mineral rights.
The Company has a further option to acquire the remaining undivided 30% equity interest from the vendor by paying an additional $400,000, issuing an additional 2,500,000 common shares and incurring not less than $1,000,000 (cumulative) in exploration expenditures over the period ending March 7, 2020.
The company considers the exercise of the Option to acquire the equity in Minera Aguila S.L a positive acknowledgement of the mineral potential in the properties. Further updates on exploration progress will be issued soon.
About Pan Global Resources
Pan Global Resources Inc. is actively engaged in base and precious metal exploration in Spain, and is pursuing opportunities from exploration through to mine development. The company has committed to operating safely and with respect to the communities and environment where we operate.
On behalf of the Board of Directors
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Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
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