Miranda Gold Corp. (TSXV:MAD) signed a binding letter of intent to acquire San Lucas District-Scale Epithermal System in South Bolivar, Colombia for $0.86 million on January 19, 2017. Under the terms, the consideration to be paid includes initial payment of outstanding license fees of $0.12 million, a further payment of approximately $0.06 million will be required at the signing of the agreement. When the San Lucas property is withdrawn from the Study Area Resolucion 1628, Miranda will be required to make an additional payment of $0.1 million. Upon receipt of suitable drill permits on San Lucas, Miranda will be required to make an additional payment of $0.08 million. Finally, a payment of $0.5 million will become due, in two tranches, when Miranda produces a NI 43-101 technical report showing 500,000 or more gold equivalent ounces in the measured and indicated categories. A residual net proceeds royalty of 4% (as defined in the Rocky Mountain Form 5) will be payable to the vendor, with a minimum of $1 million payable within three years of the commencement of commercial production, capped at $4 million over the life of the mine. The transaction is subject to 30-day due diligence period which is in process.