Eurasian Minerals Completes Royalty Property Consolidation of the Koonenberry Gold Project, Australia
19 Febbraio 2014 - 1:00PM
Marketwired
Eurasian Minerals Completes Royalty Property Consolidation of the
Koonenberry Gold Project, Australia
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 19, 2014) -
Eurasian Minerals Inc. (the "Company" or "EMX")
(TSX-VENTURE:EMX)(NYSEMKT:EMXX) is pleased to announce the signing
of an Exploration and Option Agreement (the "Agreement") with North
Queensland Mining Pty Ltd. ("NQM"), a privately-held Australian
company, to acquire EMX's Koonenberry exploration licenses in New
South Wales, Australia. NQM has the option to earn a 100% interest
in the EMX subsidiary that holds the licenses, with EMX retaining a
3% production royalty. As a result of the Agreement, all of EMX's
interests in the Koonenberry gold project are now being advanced by
partner companies, with EMX retaining various royalty interests
that cover the entire project area.
Initially, NQM anticipates commencing small-scale gold
production from alluvial and eluvial materials, while continuing to
explore for the hardrock sources of gold mineralization.
Koonenberry is widely known for its specimen gold production from
surficial deposits, and EMX's previous work demonstrated the upside
exploration potential for discovering this gold's underlying
bedrock sources. The Company views NQM's proposed production
scenario as a way to quickly capitalize on the demonstrated
alluvial/eluvial gold potential, while providing revenue streams to
support further exploration and project development.
Commercial Terms. Pursuant to the Agreement, NQM has the option
for three years after the Agreement date to acquire the EMX
subsidiary (EMX Exploration Pty Ltd.) that holds the Company's
remaining exploration licenses in the project area. On or before
the second anniversary of the Agreement date, NQM can reduce the 3%
production royalty to be retained by EMX to 2.5%, by agreeing to
pay annual advance royalties in the following amounts: 75 troy
ounces of gold (or cash equivalent thereof) delivered on the first
anniversary of NQM's election to reduce the amount of the
production royalty, 100 troy ounces of gold (or cash equivalent) on
the earlier of the third anniversary of the Agreement date or the
closing of the exercise of the election, and 100 troy ounces of
gold (or cash equivalent) on all subsequent anniversaries of the
Agreement date until commencement of commercial production. NQM
will bear responsibility of satisfying all existing work
commitments and honoring all underlying property agreements during
the term of the Agreement.
Koonenberry Background. The project is positioned along the
northwest trending, regional-scale Koonenberry fault that
represents a major terrane boundary in southeastern Australia. This
deep-seated structural zone was active during several orogenic
events and has multiple splays that project into, and through the
project area. EMX recognized that the distribution of gold
occurrences and gold geochemical anomalies are coincident with
these prominent structural features. Further, EMX's reconnaissance
mapping and sampling identified a number of geological features at
Koonenberry remarkably similar to the orogenic deposits of the
Victorian Goldfields, also located in southeastern Australia.
Although there are no records of previous hardrock mining at
Koonenberry, much of the gold recovered through surface prospecting
occurs as coarse specimens with attached "reef" quartz, suggesting
a nearby primary source.
Last year, the Company completed a restructuring of the
Koonenberry property package that released EMX from a series of
significant expenditure commitments, while retaining the core
licenses with the highest exploration potential. EMX's royalty
agreements cover approximately 1,437 square kilometers of
exploration licenses that comprise the consolidated Koonenberry
project area. The majority of the prospective ground covered by
this extensive royalty position remains unexplored.
EMX Prospect Generation and Royalty Growth Business Models. The
Koonenberry Agreement with NQM represents another example of EMX's
organic royalty growth through early-stage prospect generation.
Eurasian acquired its position and advanced the project after
recognizing the property's potential for undiscovered bedrock gold
sources. This work positioned EMX to convert its interests into
what could become a near-term paying royalty, while retaining the
upside to participate in future exploration discoveries.
About EMX. Eurasian is a global gold and copper exploration
company utilizing a partnership business model to explore the
world's most promising and underexplored mineral belts. Eurasian
generates wealth via grassroots prospect generation, strategic
acquisition and royalty growth.
Mr. Chris Spurway, MAIG, MAusIMM, a Qualified Person as defined
by National Instrument 43-101 and employee of the Company, has
reviewed, verified and approved the above technical disclosure on
Koonenberry.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Statements
This news release may contain "forward looking statements"
that reflect the Company's current expectations and projections
about its future results. When used in this news release, words
such as "estimate", "intend", "expect", "anticipate", "will" and
similar expressions are intended to identify forward-looking
statements, which, by their very nature, are not guarantees of the
Company's future operational or financial performance, and are
subject to risks and uncertainties and other factors that could
cause Eurasian's actual results, performance, prospects or
opportunities to differ materially from those expressed in, or
implied by, these forward-looking statements. These risks,
uncertainties and factors may include, but are not limited to:
unavailability of financing, failure to identify commercially
viable mineral reserves, fluctuations in the market valuation for
commodities, difficulties in obtaining required approvals for the
development of a mineral project, increased regulatory compliance
costs, expectations of project funding by joint venture partners
and other factors.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
news release or as of the date otherwise specifically indicated
herein. Due to risks and uncertainties, including the risks and
uncertainties identified in this news release, and other risk
factors and forward-looking statements listed in the Company's
MD&A for the nine-month period ended September 30, 2013 (the
"MD&A") and most recently filed Annual Information Form for the
year ended December 31, 2012 (the "AIF"), actual events may differ
materially from current expectations. More information about the
Company, including the MD&A, the AIF and financial statements
of the Company, is available on SEDAR at www.sedar.com and on the
SEC's EDGAR website at www.sec.gov.
To view the map accompanying this press release, click on the
following link: http://media3.marketwire.com/docs/928220m.pdf
Eurasian Minerals Inc.David M. ColePresident and Chief Executive
Officer(303) 979-6666Dave@EurasianMinerals.comEurasian Minerals
Inc.Scott CloseDirector of Investor Relations(303)
973-8585Scott@EurasianMinerals.comwww.EurasianMinerals.com
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