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Patagonia Gold Says Astra Exploration Earns 80% Interest in La Manchuria Gold-Silver Project

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Patagonia Gold (PGDC.V) said Astra Exploration (ASTR.V) has exercised its option to earn an 80% interest in the La Manchuria gold-silver property in Argentina.

Astra has completed the earn-in requirements by spending $3.0 million on exploration and development, Patagonia said Tuesday.

Patagonia retained a 20% interest in the project. Astra may increase its project stake to 90% by paying $5.0 million in cash within two years, according to Patagonia. If either company's interest is diluted below 10%, the stake will be converted into a 1% net smelter return royalty.

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