08:53 AM EDT, 06/17/2024 (MT Newswires) -- Quimbaya Gold ( QIMGF ) said on Monday that it agreed to buy an additional mining property with gold and silver exploration potential in Segovia, Colombia.

As compensation for the concession contract, the company will pay US$205,000 ($281,892).

As part of the deal, the company has agreed to pay US$50,000 at the signing of the purchase agreement; US$75,000 before May 31; and US$80,000 12 months after signing.

The vendor of the concession contract will retain a 3% net smelter return.

The company's shares rose 1% in Canada yesterday.