Tocvan Ventures to acquire 100% of Gran Pilar project

Tocvan Ventures has entered into a definitive agreement with Colibri Resources Corp. to acquire the remaining 49% interest in the Gran Pilar gold and silver project located in Sonora, Mexico. Upon completion of the transaction, Tocvan will hold a 100% interest in the mining concessions.

The total consideration for the acquisition is 3.6 million Canadian dollars, structured in two installments: 2 million CAD at closing and the remaining 1.6 million CAD one year after completion. As part of the deal, Colibri Resources will retain a 1% Net Smelter Return (NSR) royalty.

In conjunction with the acquisition, Tocvan has restructured its management team. Christopher Gordon has been appointed as Chief Executive Officer, with former CEO Brodie Sutherland transitioning to Executive Chair. Rodrigo Calles-Montijo has joined as President. These changes aim to prepare the company for the next development phase, which includes moving toward pilot production at the Gran Pilar site.