LAS VEGAS, July 24, 2015 /PRNewswire/ -- Calissio Resources Group, Inc. (OTC: CRGP) announced today that the Company entered in to an agreement with Milagros Del Cobre Mineria S.A. de C.V. ("MMC") whereby Calissio Resources Group, Inc. sold 100% of its interest in San Pedro Mine ("San Pedro"). The total purchase price of USD$14,600,000 will be paid by the assumption of debt and in shares of stock of Milagros Del Cobre Mineria S.A. de C.V. and USD$7,360,000 in cash to be paid no later than February 22, 2016. Calissio will continue to hold a 49% security interest in San Pedro until such time as the purchase price is paid in full by MMC. The agreement includes a full release of the Company and its affiliates from all potential claims and liabilities related to San Pedro, and allows Calissio to retain possession of all owned machinery located at San Pedro.
Divesture of the San Pedro Mine will increase shareholder value by providing the Company a significant opportunity to move forward with its master plan at the Company's flagship property, La Jovita Mine. Adam Carter stated, "Our shareholders will gain tremendously because our investment at La Jovita has the significant potential to realize a first-rate long term return on investment. The sale of San Pedro presented itself and as a company, management and the Board of Directors voted it was in the Company's best interest to sell San Pedro and focus a large portion of our efforts at La Jovita Copper Mine, which has been a goal of ours for some time now."
Calissio also announced that it is in the process of signing an agreement with a respectable engineering and mining firm in Mexico to build facilities and provide high-caliber expertise to place La Jovita Mine into full production. Calissio is also in the final stages of relocating its mining equipment from San Pedro to La Jovita Mine and should be finalized by the end of the month.
"We anticipate announcing the details of this agreement by August 21, 2015. The time has come for the Company to establish a more professional mining team by adding the appropriate expertise to the Board of Directors, as well as, additional key people to meet the expanding needs of Calissio at La Jovita Mine. Going forward, Calissio shareholders can expect to see regular news releases and updates on our move to full production at the 100% owned La Jovita Mine," said Adam Carter, the President & CEO of Calissio.
Additionally, one of the Company's fundamental goals over the next 9 months is to graduate Calissio to a senior U.S. based exchange. The opportunities and benefits of a senior listing are of paramount importance for Calissio to continue its rapid growth strategy.
Calissio Resources Group Inc., focused on the acquisition and development of base metals projects in Mexico that are currently in or near production and advanced exploration properties that will add substantially to the Company's asset foundation. Management is continuing to actively pursue mineral interests that represent significant growth, value and cash flow opportunities.
For additional information, please visit: http://www.calissioresources.com.
This press release contains statements that are forward-looking and which involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in question are based on Calissio Resources Group, Inc.'s current expectations and projections about future events, based on information currently available.
The forward-looking statements found in this press release may also include statements relating to Calissio Resources Group, Inc.'s anticipated financial performance, business prospects, new developments, strategies, and similar matters. Calissio Resources Group, Inc. provides no assurance regarding the actual outcome of the events contemplated by any forward-looking statements included in this release. Calissio Resources Group, Inc. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
Calissio Resources Group, Inc.
SOURCE Calissio Resources Group, Inc.