Mirasol Resources Ltd. announced that it has signed a Letter of Intent dated January 24, 2017 with OceanaGold Corporation to explore the 100% Mirasol owned La Curva Gold Project under a joint venture (JV). La Curva is a 36,100 ha exploration-stage project located at low elevation in an area with favorable infrastructure in Santa Cruz Province, Argentina. Mirasol has undertaken an extensive exploration and geophysical program at the property over a number of years, which has outlined three priority drill ready prospects.

The prospects include the Cerro Chato, Loma Arthur and South West targets situated along the Company's 6 km "La Castora" gold trend; a series of additional prospects are also recognized in the Curva West area which warrant further exploration to define additional drill targets. The LOI earn-in terms entitle OGC to acquire a 51% interest in La Curva by completing $7 million of exploration expenditures over four years and making $1.5 million in staged cash payments to Mirasol. This includes a first year exploration spending commitment of $1.25 million with a minimum technical commitment of 3,000 metres of drilling, and a signing payment to Mirasol of $100,000.

Oceana may at its sole discretion cease further spending at any time after it has met the Minimum Obligations by giving prior notice to Mirasol. Following the completion of the initial earn-in, OGC can elect to increase its interest in La Curva to 60% by funding and delivering within two years a preliminary economic assessment (PEA), in accordance with NI 43-101 on an inferred resource of not less than: (i) 500,000 ounces of gold-equivalent at a cut-off grade of 0.25 grams per tonne (g/t) gold-equivalent for an open pit resource; or (ii) 500,000 ounces of gold equivalent at a cut-off grade of 1.5 g/t gold equivalent for an underground resource (the "PEA Milestone"). On completion of the PEA Milestone, OGC can elect to increase its interest in La Curva to 65% by funding and delivering a feasibility study on the Project in accordance with NI 43-101 ("Feasibility Study") within two years of completing the PEA Milestone (the "Feasibility Milestone").

OGC may additionally elect to increase its interest in La Curva to 70% within the two year time period of the Feasibility Milestone if: (i) the Feasibility Study is of a standard that is suitable to be submitted to a substantial, recognized financial institution as a basis for lending funds for the development and operation of mining activities on the Project; and (ii) a decision to mine is approved by the OGC board (the "Decision to Mine"). Upon OGC earning a 70% interest and making a Decision to Mine at La Curva, Mirasol can elect to retain 30% of the project by providing its pro rata proportion of the development costs, or elect to retain 25% of the project by requiring OGC to provide the financing for Mirasol's proportion of mine development. If OGC is required to provide funding, then Mirasol's loan repayments will be made from 50% of Mirasol's net cash flow from the mine (with super profit additional repayment terms).

Interest provisions for the loan will be the lesser of LIBOR+4% or the rate equivalent to which international banks are prepared to fund the La Curva Project on a stand-alone basis. In consideration for OGC providing the development financing, OGC's project interest shall increase to 75%.