Renforth Resources Acquires Rights to Copper/Zinc Project in Southwestern Spain 30 Kilometres from Aguas Tenidas Mine
22 Ottobre 2010 - 3:33AM
Marketwired Canada
Renforth Resources Inc. (CNSX:RFR) ("Renforth" or the "Company") is pleased to
announce the acquisition rights to acquire a 100% interest in the Mina Maria
Luisa project (the "Property") located in Southwestern Spain, approximately 30
kilometres from the Aguas Tenidas Mine. An aerial photo of the Property as it is
today appears below.
To view the map associated with this release, please visit the following link:
http://media3.marketwire.com/docs/RFRmap.jpg
The Property project includes the past-producing Maria Luisa mine, which is
situated in the Ossa Morena Zone of the Northern part of Huelva province in
Spain, approximately 117 kilometres north of Seville, alongside the main highway
between the towns of Huelva and Badajoz as shown above. The Property consists of
a 24 square kilometres land package, including the old plant, historic tailings
dumps and an open pit remaining from historic mining activities. In addition the
project includes a valid water license.
The mined out area consists of two distinct zones which are connected
underground, the Corta zone and the Levante zone. The Corta zone was mined
initially as an open pit and later as an underground, whereas the Levante zone
was mined strictly as an underground project. There is also a large unexplored
soil geochemical anomaly on the property.
Renforth has acquired an initial 5% ownership interest in Promotora Minera del
Sur, SL ("Promotora"), a corporation which owns the Property, along with the
right to explore the Property and the option to purchase the balance of the
outstanding shares of the Promotora. Additional terms of the agreement are:
1. During a 5 year period Renforth has the right to rent the Property from
Promotora for annual payments of 42,000 Euros, for a total of 210,000
Euros over the complete 5 year term.
2. During the 5 year rental term Renforth has an option to acquire the
remaining 95% of Promotora in exchange for a payment of 2,400,000 Euros.
3. Renforth has the right to terminate this agreement at any time.
Management of the Company believes that the term of the agreement provides
Renforth with sufficient time to conduct a prudent level of legal and technical
due diligence on the Property. In addition, if Renforth elects to purchase the
balance of Promotora, after proving up the value of the Property through a
drilling program, the Company will become the sole owner of the Property, not
subject to any royalties or concessions.
David Danziger, President of Renforth, states "We are very excited that our
technical adviser, Norman Brewster was able to bring this project to our
attention. We believe that this is an extremely attractive exploration project
for Renforth in an area that is very familiar to our team. We are looking
forward to a robust drill program in 2011 pending the raising of adequate
capital."
Mr. Norman Brewster, P. Geo., a Director of the Company and a "qualified person"
pursuant to NI 43-101 has reviewed and approved the technical information in
this press release on behalf of the Company.
About Renforth
Renforth Resources Inc. is a Toronto-based diamond, base metals and precious
metals exploration company with significant concessions in the McFaulds Lake
"Ring of Fire" discovery area of north-eastern Ontario as well as Spain.
Renforth has five diamondiferous kimberlites referred to as the Kyle
kimberlites: two are at the commercial bulk-sampling stage; the remaining three
are targeted for specific follow-up drilling and economic evaluation. Additional
mineral claims lie between ten and twenty kilometres from Noront Resources
Ltd.'s recent base metal discoveries at its Double Eagle Project. The Company
also has now acquired the Mina Maria Luisa project located in Southwestern
Spain, approximately 30 kilometres from the Aguas Tenidas Mine. Renforth intends
to drill targets at Mina Maria Luisa in 2011, and also has significant planned
drilling of the New Alger Gold project located in Quebec in late 2010.
Grafico Azioni Renforth Resources (CSE:RFR)
Storico
Da Feb 2025 a Mar 2025
Grafico Azioni Renforth Resources (CSE:RFR)
Storico
Da Mar 2024 a Mar 2025
Notizie in Tempo Reale relative a Renforth Resources Inc (Canadian Securities Exchange): 0 articoli recenti
Più Renforth Resources Inc. Articoli Notizie