Calvista Acquires 100% Interest in El Carmen
Thursday, Feb 09, 2012
Calvista Gold Corporation (TSX:CVZ) ("Calvista") updates as a follow up to its August 23, 2011 and December 21, 2011 press releases, that the Servicio Geologico Colombiano, formerly Ingeominas, Colombia's mining authority, by Resolution GTRB-021 dated January 25, 2012, transferred the remaining 40% interest in License 090-68 (El Carmen) (the "Subject Property") to Calvista's wholly owned subsidiary Sociedad Minera Calvista Colombia, S.A.S. ("Calvista Colombia"). With this transfer, Calvista Colombia now holds a 100% interest in the Subject Property. Selected assey results for El Carmen were announced in Calvista's January 25, 2012 press release.
Ingeominas, Colombia's mining authority by Resolution GTRB-0208 dated December 15, 2011, also denied several requests of another mining exploration company by which, inter alia, it opposed the foregoing assignment claiming that there was an existing option agreement with the title holder of License 090-68 and that such agreement was breached. Such mining exploration company filed mediation request with Calvista Colombia and others before the Chamber of Commerce of Bucaramanga. A hearing was held on January 17, 2012 and no settlement was made by the parties. It is not known if the other mining company will exercise its right to appeal to the civil courts in Colombia, and Calvista believes that any such appeal would be without merit.