VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 22, 2016) –
NOT FOR DISTRIBUTION TO THE UNITED STATES OR TO US NEWSWIRE SERVICES
Candelaria Mining Corp. (TSX VENTURE:CXX) (“Candelaria” or the “Company“) is pleased to announce the completion of the acquisition of the Caballo Blanco Gold Project in Veracruz, Mexico from Molimentales Del Noroeste, SA de CV, a subsidiary of Timmins Gold Corp. Pursuant to the terms of the agreement, Candelaria has made a final payment of US$3.154 million to Timmins to acquire the Caballo Blanco Gold Project and deferred a US$2.5 million payment to be made at the earlier occurrence of the Company receiving permits or June 24, 2017, secured by a promissory note and security interest. The Company has also assumed US$5 million in liabilities in exchange for the project and all related rights and assets.