South American Silver extends terms for option agreement by 5yrs
TORONTO (miningweekly.com) – TSX-listed South American Silver this week extended the terms of its option agreement to acquire the remaining 4 689 ha of the Escalones copper/gold/silver property, in Chile, which it did not already own, for five years.
Under the revised terms, the company is required to make one payment of $600 000, which had already been made.
This would be followed by four payments of $500 000 on June 30 of each of 2014, 2015, 2016 and 2017 and a final payment of $3-million on June 30, 2018, to complete the transaction to acquire the property.
The remaining terms of the agreement were unchanged.
"The extension of the Escalones option agreement is very important, as it allows us to preserve cash at a time when cash is such a precious resource. This new agreement will save us $2.4-million in the current year and adds to the substantial savings we have already made this year, including many millions that will be saved from the recently announced funding agreement for the Bolivian arbitration.
“We believe we are positioning the company very well for the future and will continue to work hard for our shareholders,” president and CEO Phillip Brodie-Hall said.
The company, at the end of June, updated the National Instrument 43-101-compliant resources at the project, estimating Escalones to hold 1.9-billion copper-equivalent pounds in the indicated category, at a grade of 0.38%. The deposit is expected to hold 4.7-billion copper-equivalent pounds grading 0.4% in the inferred category.
The deposit was reported as being open to expansion laterally and down dip, with significant geophysical targets yet to be drilled.
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