Almaden Minerals Ltd.: Option Agreement With Antofagasta Minerals S.A.
24 Marzo 2009 - 8:01PM
Marketwired
Almaden Minerals Ltd. (TSX: AMM)(NYSE Alternext US: AAU)(NYSE Amex:
AAU.A) and its Mexican subsidiary Minera Gavilan S.A. de C.V.
(together referred to as "Almaden") are pleased to announce that
Almaden has entered into a letter option agreement ("Letter
Agreement") with Antofagasta Minerals S.A. ("Antofagasta"), under
which Antofagasta can earn up to a 75% interest in Almaden's
Tuligtic copper-gold Project in Mexico. The Tuligtic project is
located twenty-one kilometres north of Puebla, Puebla State,
Mexico.
Antofagasta is a wholly owned subsidiary of Antofagasta plc,
which is listed on the London Stock Exchange and is a constituent
of the FTSE-100 index, with interests in mining, transport and
water distribution. Its Chilean mining operations, which comprise
Los Pelambres, El Tesoro and Michilla, produced 477,700 tonnes of
copper in concentrate and cathode and 7,800 tonnes of molybdenum in
concentrate in 2008. It is currently carrying out a brownfield
expansion at Los Pelambres and developing the greenfield Esperanza
project in Chile, which, when operational, are expected to increase
total Group copper production to nearly 700,000 tonnes per year by
2011. Antofagasta also has exploration or feasibility programmes in
Latin America, Asia and Africa.
The Tuligtic project covers an area of alteration and
mineralisation including intense sericite-quartz-pyrite alteration
and stockwork veining and potassic alteration. The exposed
alteration is interpreted to represent a quartz-sericite-pyrite cap
to a large porphyry copper-gold system.
To earn a 60% interest, Antofagasta is required to make the
following expenditures and payments.
Expenditures
(i) not less than US$1,000,000 on or before the first
anniversary date from the Effective Date (the "Committed
Expenditures");
(ii) not less than an additional US$2,500,000 on or before the
third anniversary date from the Effective Date, (for accumulated
Expenditures of US$3,500,000); and
(iii) not less than an additional US$3,500,000 on or before the
fifth anniversary date from the Effective Date, (for accumulated
Expenditures of US$7,000,000); and
Payments
(iv) US$50,000 on or before the first anniversary date from the
Effective Date;
(v) US$100,000 on or before the second anniversary date from the
Effective Date (for accumulated cash payments of US$150,000);
(vi) US$150,000 on or before the third anniversary date from the
Effective Date (for accumulated cash payments of US$300,000);
and
(vii) US$700,000 on or before the fifth anniversary date from
the Effective Date (for accumulated cash payments of
US$1,000,000).
Antofagasta has the right and option to acquire an additional
15% interest (for an aggregate 75% interest) by funding and
delivering on or before the 7th anniversary of the effective date
of a Feasibility Study. If Antofagasta does not acquire the
additional 15% interest, Almaden has the right to elect to become
the operator.
If Antofagasta acquires a 75% interest, it has the right to make
a decision for the development of a mine on the project and agrees
to use its best endeavours to arrange third party financing
("Financing") of which Almaden is entitled to 25%. Upon delivery to
Almaden of the preliminary indicative terms of Financing, Almaden
has a one time election to:
(a) participate in the Financing and contribute its
proportionate 25% share; or
(b) offer to sell its 25% interest (subject to Antofagasta's
right of First Offer); or
(c) convert its 25% interest to a 2% net smelter returns
royalty.
The parties have agreed that the Effective Date of the contract
is March 23, 2009.
On Behalf of the Board of Directors
Morgan J. Poliquin, M.Sc., P.Eng., President, COO and
Director
Almaden Minerals Ltd.
Statements contained in this news release that are not
historical facts are forward looking statements as that term is
defined in the private securities litigation reform act of 1995.
Such forward -looking statements are subject to risks and
uncertainties which could cause actual results to differ materially
from estimated results. Such risks and uncertainties are detailed
in the Company's filing with the Securities and Exchange
Commission.
The Toronto Stock Exchange and NYSE AMEX have not reviewed nor
accepted responsibility for the adequacy or accuracy of the
contents of this news release which has been prepared by
management.
Contacts: Almaden Minerals Ltd. Morgan J. Poliquin, M.Sc.,
P.Eng. President, COO and Director (604) 689-7644 (604) 689-7645
(FAX) Website: www.almadenminerals.com
Grafico Azioni Almaden Minerals (TSX:AMM)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Almaden Minerals (TSX:AMM)
Storico
Da Lug 2023 a Lug 2024