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Toronto, Ontario--(Newsfile Corp. - September 11, 2024) - Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) has received a US$100,000 Advance Royalty ("AR") payment from Winshear Gold Corp. ("Winshear") (TSXV: WINS). The AR payment was due pursuant to a property purchase agreement signed on September 19, 2019. The agreement sets out annual AR anniversary payments and a 2% NSR royalty per project due to Palamina from Winshear. In September of 2025 a further US$100,000 payment is due from Winshear to Palamina to maintain Winshear's Gaban and Ica claims.
Palamina also holds 4,833,333 common shares in Winshear representing a 15.4% ownership interest in Winshear. Winshear is scheduled to begin an inaugural 1,600 metre drilling program at its Gaban Gold Project by the end of September 2024. Drilling is also underway at Palamina's Usicayos Gold Project.
In 2024, Palamina shareholders have participation in two drilling programs on gold projects in the drill discovery phase in the under-explored Puno Orogenic Gold Belt with a 15.4% ownership interest in Winshear and a 2% NSR royalty on all of Winshear's projects.
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Technical Information
The technical information herein has been reviewed and approved by Alvaro Fernandez-Baca (P. Geo.); a Qualified Person as defined by National Instrument 43-101. Mr. Fernandez-Baca is Vice President of Exploration to Palamina.
About Palamina Corp.
Palamina is an exploration company with a land bank of gold projects in the Puno Orogenic Gold Belt in southeastern Peru. Palamina is adding value through drill discovery at its Usicayos gold project. Palamina also has an "acquire and hold" strategy with copper silver assets in southeastern and northeastern Peru. Palamina holds a 15.4% equity interest in Winshear Gold Corp. (TSXV: WINS) and a 2% NSR royalty on all their projects. Winshear plans to conduct an inaugural drill program at their Gaban Gold Project in 2024. Palamina has 71,284,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.
On Behalf of the Board of Directors:
Andrew Thomson, President
Phone: (416) 204-7536 or visit www.palamina.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release