Rio Negro is a mining­ friendly province in Argentina with a proactive local government intent on increasing local investment and creating long term jobs growth.

The Company’s mining properties are located in the Somuncura Massif in a relevant geological and structural setting. The district contains many mineral showings along N­NNW trending belts, hosting several mines and mineral deposits, which represent different genetic models with various styles of mineralization.

In May 2017, Patagonia Gold announced that it had signed an exclusive six­-month option agreement with a wholly owned subsidiary of Pan American Silver Corp. to acquire the Calcatreu gold and ­silver project in Rio Negro. This purchase option was exercised in December 2017 at a cost of US$15 million and the acquisition was completed in January 2018.

Calcatreu provides Patagonia Gold with the opportunity to develop a larger, longer life asset in a new, prospective and permissive jurisdiction.

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