- Anacortes Mining Corp. (XYZ) resolved all outstanding issues with Minera Boroo Misquichilca S.A. and completed ownership transfer of surface rights
- It has also completed drill core and all related data associated with its 100 per cent owned Tres Cruces project in Peru, which means Minera has no further rights related to the project
- Minera was required to make a production decision in respect of the Tres Cruces project before December 31, 2020, but did not do so
- The agreement provided that following expiration, Minera would assign Aurifera Tres Cruces S.A. surface and access rights to the project during the term for a purchase price equal to the book value of the surface rights
- Minera, Anacortes and its subsidiaries confirmed that the option and mining assignment agreements have been terminated and Aurifera has gained surface and access rights to the project in exchange of a payment of US$1,620,709 to Minera
- Anacortes Mining Corp. (XYZ) is up 3.33 per cent and is trading at $2.17 per share at 2:52 p.m. ET
Anacortes Mining Corp. (XYZ) resolved all outstanding issues with Minera Boroo Misquichilca S.A. and completed ownership transfer of surface rights.
It has also completed drill core and all related data associated with its 100 per cent owned Tres Cruces project in Peru. As a result of this, Minera has no further rights related to the project.
A share purchase option and joint participation agreement from 2002 by Anacortes subsidiary, New Oroperu Resources Inc. granted an option to Minera to earn up to 70 per cent of equity in another subsidiary, Aurifera Tres Cruces S.A.
For Minera to conduct exploration activities on the Tres Cruces, Aurifera assigned the project to Minera following the terms of a mining assignment agreement from December 2006.
Minera was required to make a production decision in respect of the Tres Cruces project before December 31, 2020. If it did not do so then New Oroperu had the right to terminate the option and joint agreements, as well as the 70 per cent equity option.
The mining assignment agreement expired on the same date.
The agreement provided that promptly following expiration Minera would assign Aurifera surface and access rights to the project during the term for a purchase price equal to the book value of the surface rights.
Minera did not make a decision before the expiration date.
Yesterday Minera, Anacortes and its subsidiaries confirmed that the option and mining assignment agreements have been terminated and Aurifera has gained surface and access rights to the project in exchange of a payment of US$1,620,709 to Minera.
Tres Cruces project is one of the highest-grade undeveloped gold oxide deposits in the world.
Anacortes Mining Corp. (XYZ) is up 3.33 per cent and is trading at $2.17 per share at 2:52 p.m. ET.
