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Quimbaya Gold Options Berrio Project for Up to $3.75 Million

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Quimbaya Gold (QIM.CN) said Wednesday it entered into an option agreement with 37 Capital that gives 37 Capital the exclusive right to acquire Quimbaya's non-core Berrio project in Antioquia, Colombia.

If the option is exercised, Quimbaya could receive up to $3.75 million in cash and shares. The deal is non-dilutive to Quimbaya, which will retain about a 19.9% stake in 37 Capital immediately, the company added.

The transaction allows Quimbaya to focus its capital and technical resources on its flagship Tahami Project in the Segovia Gold District. At Tahami, the company is drilling a copper-molybdenum-gold porphyry system while also advancing high-grade gold and silver vein targets, according to the statement.

"Completion of any sale is subject to exercise of the option and to customary conditions, including the acceptance of the Canadian Securities Exchange," the company added.

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