|By Marketwired .||
|July 31, 2014 11:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/31/14 -- Precipitate Gold Corp. (the "Company" or "Precipitate") (TSX VENTURE: PRG) is pleased to announce that, with respect to the agreement announced July 2, 2014, it has completed its due diligence review of the Richard and David concession applications and notified Gexplo S.R.L. and Santo Mining Corp. (together the "Vendor") of its decision to proceed with the agreement to acquire a 100% interest in both the "Richard" and "David" concession applications in the Dominican Republic.
Upon execution of the agreement, Precipitate was granted a 30 day due diligence period during which it reviewed all available technical and legal data related to the concessions. Having completed a satisfactory review of the available information, Precipitate has notified the Vendor of its election to proceed with the terms of the agreement.
In accordance with the agreement, Precipitate has delivered to the Vendor a share purchase warrant allowing the Vendor to purchase up to 100,000 common shares of the Company at an exercise price of $0.30 per share for up to 3 months (expiring October 15, 2014), and granted the Vendor a 2% net smelter royalty ("NSR") on each of the concessions (purchasable by Precipitate for the price of US$500,000 per 0.5% for a total purchase price of US$2,000,000). Full details of the agreement can be found in the Company's news release dated July 2, 2014.
About Precipitate Gold:
Precipitate Gold Corp. is a mineral exploration company focused on exploring and advancing its mineral property interests in the Tireo Gold Trend of the Dominican Republic and Sonora State, Mexico. The Company also maintains assets in northern British Columbia and southeast Yukon Territory and is actively evaluating additional high-impact property acquisitions with the potential to expand the Company's portfolio and increase shareholder value.
Additional information can be viewed at the Company's website www.precipitategold.com.
On behalf of the Board of Directors of Precipitate Gold Corporation,
Jeffrey Wilson, President & CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Precipitate Gold Corp.'s ("Precipitate" or the "Company") current beliefs and is based on information currently available to Company and on assumptions it believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Precipitate to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the exploration concessions may not be granted on terms acceptable to the Company, or at all; general business, economic, competitive, political and social uncertainties; the concessions acquired by the Company may not have attributes similar to those of surrounding properties; delay or failure to receive governmental or regulatory approvals; changes in legislation, including environmental legislation affecting mining; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Precipitate has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Precipitate does not undertake to update any forward-looking information, except in accordance with applicable securities laws.