Signs Option With Soquimich for 7,760 ha Surrounding Apoquindo Copper Project
posted on May 20, 2009 05:51AM
Advancing Base & Precious Metal Deposits in South America
- Apoquindo signs option to acquire 7760 hectares surrounding Apoquindo Copper Oxide Project to be part of Antakena Mining - its Joint Venture with Minera S.A.
- Exploration to date suggests some of the main mineralized features running between Madrugador and Elenita are present
- Expands the copper potential of the Apoquindo controlled area
(a) On signing US$ 50,000 (obligatory payment) (b) 12 Months US$ 873,000 (obligatory payment) (C) 24 months US$ 873,000 (optional payment) (d) 36 months US$ 1,746,000 (optional payment) Total US$ 3,542,000After payment (b) and before exercising the option, Apoquindo may, for one time only, return up to 50% of the hectares included in this deal and the final payment will be reduced according to the hectares returned. Also, the parties have agreed in a royalty (NSR) payment depending on copper price in a sliding scale royalty.