|By Marketwired .||
|July 3, 2014 12:24 PM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 07/03/14 -- Quinto Real Capital Corporation (TSX VENTURE: QIT) ("Quinto" or the "Corporation") is pleased to announce the acquisition of a 100% interest in three promising gold and base metal properties in the Hemlo North area. The Hemlo North, Valley Lake and Valley Lake North properties comprise a total of 16 claims or 162 units in the historic Thunder Bay Mining District of Northwestern Ontario. The properties are within 20 km of Barrick Gold's world class, 25-million-ounce Hemlo gold deposit.
"The historical data we obtained indicates that these properties have good gold and zinc exploration potential," said Michael Curtis, President and CEO of Quinto Real Capital Corporation. "We plan to conduct exploration on all six of our properties in the Schreiber-Hemlo camp over the coming months to better assess their potential."
As consideration for the properties, the vendors will receive a total of 400,000 Class A common shares of the Corporation (the "Common Shares"). All the Common Shares are subject to a hold period of four months plus one day. The properties are also subject to a 2% royalty on the net smelter revenue from minerals and metals mined on the property, payable to the vendors in cash or in kind. The Corporation may redeem half of the 2% royalty at any time for $1,000,000 in cash, payable to the vendors.
The transaction, which was between parties dealing at arm's length, is subject to the approval of the TSX Venture Exchange and other regulatory approvals.
About Quinto Real Capital Corporation
Quinto Real Capital Corporation is a Canadian-based mining exploration company focused on the exploration, evaluation and development of gold mining properties with a view to commercial production.
Neither the 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 news release. The statements made in this news release that are not historical facts are "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those described in these "forward-looking" statements.