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• Cervantes Seafood
• Cervantes Gold Pty Ltd
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Cervantes Gold Pty Ltd

Because of the recent introduction to Cervantes of a gold project, which was professionally presented by way of a business plan and cash flows, the Board of Cervantes elected to approve a limited financing venture between the operator and Cervantes.

The basis of the venture is that Cervantes controls all the funds and has security over all the assets and agreements, as well as priority repayment of capital provided under the agreement.

The initial funds provided will be to verify the tonnes of material available, the grade of the material and the ability to recover the gold from the material with the processes intended, as well as for Cervantes to carry out their due diligence.

Subject to those activities being acceptable to Cervantes, Cervantes will continue to provide funds to the operator to retreat the material.

Based on the cash flows provided, the priority repayment of capital, and the distribution agreement after royalties etc, Cervantes could substantially increase their cash position over the next 12-15 months.

Photos of the progress of this testing and drilling etc are posted on this link and will continue to be posted as the venture proceeds. Maps and exact Locations will be provided immediately Cervantes agrees to proceed with full recovery operations.

Cervantes and the operator are assessing other such projects available and subject to their quality, may well add others to this bank of material for additional ongoing cash flow for no additional cash injection by Cervantes.

The Board of Cervantes continues to seek opportunities in the Gold sector providing the risk to reward ratio are in favour of Cervantes shareholders.