Gemini Explorations, Inc. (GXPI.OB) recently announced that it has completed its final payment for the acquisition of its site located in Colombia’s El Bagre-Zargosa mining district. Gemini holds an 80-percent controlling interest in the property situated 42 km from the municipality of El Bagre.
Gemini was able to acquire the majority interest in the Los Chorros Gold Mine through the issuance of 3,900,000 restricted shares in GXPI and $50,000 cash. For its final payment, Gemini chose to issue 1,400,000 restricted common shares in lieu of $50,000 cash. The company retains the first right of refusal to acquire the remaining 20 percent in the mine within 18 months of the effective date.
As the final payment for the site is complete, Gemini has officially changed the name of the project from Los Chorros to La Tapata. The official name change was made to avoid confusion with other company projects in the district that contain “Los Chorros” in their description.
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