The partners consist of MGOL and its affiliate, Minatura International LLC (the "Majority Partners"), and several Colombian individuals and entities (the "Junior Partners").
CEO Paul Dias stated, "The formation of this joint venture allows MGOL to consolidate all of the areas of this exciting project into one ownership structure which will enable us to enhance our next phase of exploration and to accept capitalization from third parties for the project.
Based on the historical records of Pato, the recent sampling by MGOL
and the inefficient gravity recovery systems of the dredges used by Pato, it is anticipated that a significant amount of the original gold remains to be recovered.
In conjunction with the preparation of the Technical Reports, MGOL
engaged the services of MTI Holland (a division of IHC Merwede) ("MTI"), a leading alluvial mining consulting firm to prepare a feasibility study and to recommend large-scale mining equipment and recovery systems for MGOL
MINTL has paid MGOL $10,000 for the option to purchase 100% of the outstanding equity securities of Minatura Nevada Corp.
In connection with the acquisition transactions, and as a condition to closing, certain shareholders of MGOL cancelled 8,500,000 shares of MGOL common stock.
Paul Dias, the CEO of MGOL, stated, "[W]e are excited to acquire these important mining concessions and related assets in Colombia and to start our drilling program on the Zaragoza Project.
Paul Dias, the CEO of MGOL, indicated that the restructuring is necessary to effect the recommendations, resulting from the legal and accounting analysis from Colombian and US legal and accounting experts, received subsequent to entering into the original agreements, while producing essentially the same results.
Upon closing of the restructured transactions, MGOL will own and operate mining concessions in Colombia.
The board of directors of MGOL has nominated Paul Dias and Bill McVey as directors, and Mr.
Speaking on behalf of the new management team, Paul Dias, a founder of Gold Resource Partners, indicated that: "The change in the board of directors and officers of MGOL is intended to expedite the process of: (i) effectuating our gold mining operations under MGOL, (ii) attracting additional capital for MGOL to be primarily utilized in the Colombian operations, and (iii) establishing management continuity upon completion of the Colombian acquisitions.
Bill McVey, a newly elected officer and director of MGOL and a co-founder of Gold Resource Partners, and substantial investor in Gold Resource Partners and its related entities, said that: "I am excited to become part of MGOL at this early stage and look forward to closing the merger with Gold Resource Partners, which would bring substantially all the Colombian gold mining operations under the roof of MGOL.