Miranda Gold Corp. (TSXV:MAD) signed a binding letter of intent to acquire Minera Mallama SAS for $0.34 million on November 5, 2016. Under the terms, the consideration to be paid includes initial payment of $0.14 million and upon receipt of suitable drill permits on Mallama, Miranda Gold is required to make an additional payment of $0.2 million. 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 $1.0 million payable within three years of the commencement of commercial production, capped at $4.0 million over the life of the mine. The transaction is subject to 30 day due diligence period which is extended to further 60-day period.