Erin gets partner for Serbia borate project
Canadian junior Erin Ventures’ share price surged 30% on Thursday after the company announced a letter of intent (LoI) with Temas Resources for the joint development of the Piskanja borate project, in Serbia.
Piskanja is Erin's wholly-owned boron deposit with an indicated mineral resource of 7.8-million tonnes , averaging 31% B2O3, and an inferred resource of 3.4-million tonnes, averaging 28.6% B2O3.
In terms of the LoI, Temas has a sole option to earn up to 50% equity interest in Balkan Gold, Erin's wholly-owned subsidiary which holds the licence to Piskanja, by spending €10.5-million towards the development of the project in 36 months.
Upon receiving approval of the option transaction, Temas will make a one-time payment of 250 000 common shares and 250 000 share purchase warrants to Erin.
"Temas is an exceptionally good fit for this project. Not only are they willing to match their funding commitments for Piskanja with the anticipated equity requirements for project development right through to production, but in addition, they have an experienced management team with like-minded thinking towards the development of Piskanja. Undoubtedly, we are stronger with them as our partner,” said Erin CEO Tim Daniels.
Erin will remain operator on the project until Temas has exercised the option and earned its 50% interest in Balkan Gold, at which point Temas will become operator of Piskanja.
The parties will aim to enter into a binding option agreement before April 15.
Erin’s stock closed at C$0.065 a share on Thursday.
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