Southern Hemisphere signs farm-in in Chile
PERTH (miningweekly.com) – ASX-listed Southern Hemisphere Mining has inked a farm-in agreement with a Chilean private equity fund over its Juan Soldado iron/copper/gold project, in Chile.
Under the terms of the agreement, Fondo de Inversion Privado EPG Exploracion Minera (EPG Exploration Fund) would sole fund about $1.2-million of exploration to earn a 50.1% interest in the Juan Soldado project.
On the completion of the spend, the sole funding phase would end and both parties would fund exploration based on their percentage interest. In recognition of previous ownership costs, Southern Hemisphere would be credited with $2-million worth of deemed expenditure.
“A significant amount of work has gone into this deal over the last five months. The result is that we now have a quality partner in the EPG Exploration Fund to move this project forward,” said Southern Hemisphere MD Trevor Tennant.
“EPG is expected to move quickly to realise value for their stakeholders and we look forward to working with them at Juan Soldado, a project where systematic exploration for iron/copper/gold-style mineralisation is readily justified.”
The 1 200 ha project covers four granted exploration licences encompassing a 6 km strike length of a major regional structure referred to as the Romeral fault. The area is considered highly prospective.
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