In addition to its flagship Cisneros property, Antioquia Gold Inc. controlled an additional 10,700 hectares of lands in Colombia at the Concordia Betulia property. In accordance with its strategic decision to focus on developing to production its Cisneros assets, the Company reached an agreement with Sorotama and Miranda Gold (Miranda) for its Concordia Betulia prospects and rights in May, 2014.
Miranda acquired 2 properties of the Concordia Betulia prospects (one concession and one application) totaling approximately 10,700 Ha. through an agreement with Antioquia. Oribella as the Miranda project is now called, is subject to a 0.5% royalty to Antioquia that can be purchased for US$1,500,000 and a 2% royalty to Soratama Gold (a wholly owned subsidiary of Barrick Gold Corporation).
The Company continues to consider other mineral exploration opportunities throughout Colombia, focusing on brownfield opportunities with demonstrated mineralized systems and showing good opportunity for rapid resource growth in typically under-explored terrain.