Golden Phoenix Buys 60% of the Santa Rosa Mine in Panama

The mining company Golden Phoenix Minerals Inc. has announced the signing of a definitive purchase agreement to acquire a 60% stake in the Santa Rosa Gold Mine, located in Panama from the Panamanian corporation Silver Global.

The company will become owner of 60% of the newly created company, Golden Phoenix Panama S.A. or "JV Company", established with the specific intent to operate, explore, extract and transport the metal in Santa Rosa.

An article in Rttnews.com states: "As part of the agreement, Golden Phoenix has acquired 60% and the option to acquire an additional 20% subject to achieving certain milestones. $20.5 million will be invested over a period of 12 to 15 years, with $4.5 million being in common shares for Golden Phoenix. Additionally, they could make other types of preferential payments as a result of the mine’s operation. "

Source: RTTNews

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