{"id":1181568,"date":"2020-04-30T08:15:08","date_gmt":"2020-04-30T13:15:08","guid":{"rendered":"https:\/\/www.mining.com\/?p=1022133"},"modified":"2020-04-30T08:15:08","modified_gmt":"2020-04-30T13:15:08","slug":"royal-road-continues-to-negotiate-with-informal-miners-in-colombia","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1181568","title":{"rendered":"Royal Road continues to negotiate with informal miners in Colombia"},"content":{"rendered":"<p>Royal Road Minerals (TSXV: RYR) announced that it has entered into formalization agreements and related earn-in option and royalty agreements with the proprietors of the La Candelaria and San Miguel informal gold mines in Colombia.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>In a press release, the miner said the deal was inked by its wholly-owned subsidiary, Exploraciones Northern Colombia or ENC, under the framework of the Colombian government\u2019s National Policy for Mining Formalization.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Unlike the majority of gold deposits in the region, the La Candelaria and San Miguel gold mines are hosted in a silicified and folded sedimentary succession<\/p>\n<\/blockquote>\n<\/figure>\n<p>This is the <a href=\"https:\/\/www.mining.com\/royal-road-signs-deal-with-informal-miners-in-colombia\/\"  rel=\"noreferrer noopener\" aria-label=\"second deal of its kind (opens in a new tab)\">second deal of its kind<\/a> that Royal Road signs in the span of a week. All properties are located in the municipality of Los Andes-Sotomayor, Nari\u00f1o district, within concession contract HH2-12001X held by AngloGold Ashanti, pending assignment to ENC.<\/p>\n<p>Under the terms of the agreement, specific portions of the area held under concession by ENC will be returned directly to informal miners so that new concession contracts over such returned areas may be granted, enabling legal and responsible mining operations to take place.\u00a0<\/p>\n<p>In exchange, ENC will receive a quarterly royalty equivalent to 3% of the dor\u00e9 extracted from the formalized concessions and has been granted the sole and exclusive right to carry out all exploration activities on the formalized concessions and the right to acquire 70% of the formalized concessions, subject to the completion of certain exploration milestones.\u00a0<\/p>\n<p>\u201cThe Company has now executed four formalization agreements over promising gold operations in Nari\u00f1o and there will be more to follow,\u201d Tim Coughlin, Royal Road\u2019s president and CEO, said in the media brief. \u201cThe cash we anticipate earning from royalties due as part of this process will, of course, be significant.\u201d<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Jersey-based miner has executed four formalization agreements over promising gold operations in the South American country.<\/p>\n","protected":false},"author":92,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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