Toronto, Ontario – October 16, 2023 – King Global Ventures Inc. (TSXV: KING) (OTC: KGLDF) (FSE: 5LM1) (the “Company“) is pleased to announce that it has signed a Letter of Intent to acquire 50% of the Las Misiones Project (“LM”) in Baja California Sur with the project vendor Sierra Alpha Mining S.A. de C.V. (“SAM”). The finalization of the proposed agreement is subject to TSXV approval. The LM Project is comprised of 6 concessions covering a total area of 15,067 hectares. The LM Project features gold/silver mineralization hosted by two regional shear/vein zones which are up to 2 km long and 25 meters thick. The LM Project is accessible by a paved road sixty kilometers southeast of La Paz or 160 km north of Cabo San Lucas. Power, water and labor are all locally accessible. During the colonial period, the Jesuits discovered and exploited the gold in this area. Since that time, many intermittent programs of rudimentary exploration and small-scale mining have taken place. Numerous large waste dumps attest to the long history of small-scale mining by garimpeiros.
The nearby San Antonio Project was evaluated by Echo Bay and Argonaut Gold from 1996 to 2012. The LM project is in close proximity to the San Antonio gold trend, both of which are localized in similar shear zones and host rocks.
Robert Dzisiak, King CEO stated “We are very pleased to have an LOI with Sierra Alpha on the Las Misiones Project. The Las Misiones Project exhibits strong geological potential for a preliminary exploration program.”
Under the terms of the LOI, SAM has six mining claims covering approximately 15,067 ha in the state of Baja California Sur. The terms of the LOI are for a cash payment of $50,000 and the issuance of 2,000,000 units of the Company (valued at 540,000) along with a 3% Net Smelter Royalty payable for all metals mined. Each unit will be comprised of one common share and one warrant exercisable at $1.00/share for thirty-six months.
The cash and stock issuance shall be paid as follows:
- 25% of shares of SAM in consideration of $20,000 and 700,000 units of the Company to be paid prior to November 30, 2023.
- 25% of the shares of SAM in consideration of $30,000 and 1,300,000 units of the Company by December 31, 2024.
About King Global Ventures:
King Global Ventures Inc. is a junior gold exploration company working projects globally. Its primary project is its York Property in Quebec. The York Property is comprised of 77 claims exceeding 40 sq. km. The York Property is on trend between Azimut’s Elmer Property and the Eleonor Gold Mine. The Eleonor Mine is hosted by rocks similar to the clastic sediments known to host the Ukaw gold showings.
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 release.
Cautionary Statement Regarding Forward-Looking Information
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including but not limited to, the uncertainty of the financing, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals. Readers are cautioned that the assumptions used in preparing such information, although considered reasonable at the time of preparation, may prove imprecise and undue reliance should not be placed on forward-looking statements. Forward-looking statements in this press release are expressly qualified by this cautionary statement.
The forward-looking statements in this press release are made as of the date of this press release, and the Company undertakes no obligations to update publicly or to revise any of the included forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by applicable securities law.