Mako Mining Announces Completion of Sale of its Mexican Operations to GR Silver Mining

Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to announce that it has now completed the sale of 100% of the shares of Marlin Gold Mining Ltd. to GR Silver Mining Ltd., as previously announced in its press release dated February 1, 2021. Mako has received C$50,000 in cash and a 1% net smelter returns royalty on all concessions currently owned by Oro Gold de Mexico, S.A. de C.V.  (“Oro Gold”), and is no longer responsible for approximately US$9.8 million in unpaid concession taxes, including US$5.2 million related to the core concessions, which accrued on the concessions owned by Oro Gold. Mako remains entitled to any net proceeds received from the lawsuit Mako and Oro Gold filed against their insurers and re-insurers in connection with damages to the La Trinidad property from Hurricane Willa. Mako remains responsible for the costs of this litigation and responsible for all costs related to the closure plan and certification.

Leave a Reply