Mogollon silver-gold likely to Acquire!

Allegiant Gold on acquisition spree! 

Allegiant Gold Ltd announces that it has signed a definitive agreement with Summa Silver whereby Summa can acquire up to a 100% interest in the historic Mogollon silver-gold mining district of south-western New Mexico from Allegiant Gold Ltd.  

Peter Gianulis, CEO of Allegiant Gold, commented: “We are very excited to have reached an agreement with Summa.  Their dedication and professionalism throughout this process was unparalleled and we are confident that we selected the right partner to develop one of the best undeveloped silver projects in the U.S. 

We look forward to their progress and our ability to focus on the development of Eastside, our flagship gold-oxide project in Nevada. 

Allegiant now has four projects farmed out, three of which are expected to be drilled over the coming month in addition to drilling up to 15,000 metres at Eastside this season. We continue to execute our business plan and are very pleased with the progress we have made this year.” 

Summa may earn up to a 100% interest in the Property from Allegiant in two phases. 

Phase I is an option to earn a 75% interest in the Property over three years for staged payments totalling US$350,000 in cash, 200,000 shares, US$1,450,000 of value in shares, and a final payment of US$1,000,000 which may be paid in cash and/or shares at the election of Summa. 

Additionally, the Phase I earn-in includes a US$3,000,000 work commitment on the Property. After the 75% earn in, Summa can then elect to either form a 75/25 Joint Venture with Allegiant or purchase the remaining 25% interest for US$3,000,000 in cash and shares, a minimum of US$1,000,000 of which must be in cash.