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AbraSilver Announces Proposed Earn-In Option & Joint Venture Agreement on La Coipita Project
(TheNewswire) Toronto, ON - TheNewswire - January 2, 2024...
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"AbraSilver Announces Proposed Earn-In Option & Joint Venture Agreement on La Coipita Project\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Toronto,\n \n \n \n \n ON\n \n \n \n \n -\n \n \n \n \n TheNewswire -\n \n \n \n \n January 2, 2024 -\n \n \n \n \n AbraSilver Resource Corp.\n \n \n \n \n (TSX.V:ABRA\n \n \n \n \n )\n \n \n \n \n (\n \n \n \n \n OTC:ABBRF) (\"AbraSilver\" or the “Company”)\n \n \n \n is pleased to announce it has entered\ninto a binding letter agreement (the “Agreement”) with a\nsubsidiary of Teck Resources Limited (“Teck”), with respect to a\nproposed option and joint venture agreement (the “Option\nAgreement”) to explore and develop the La Coipita copper-gold\nproject (“La Coipita” or the “Project”) in San Juan, Argentina\n(the “Transaction”).\n \n \n \n \n The Agreement provides that, subject to certain\nconditions, AbraSilver and Teck will enter into the Option Agreement\nto grant Teck an option to acquire an 80% interest in La Coipita by\nfunding cumulative exploration expenditures of US$20,000,000 over a\nfive-year period, making staged cash payments to, and an equity\nplacement in AbraSilver totaling US$3,000,000 (including an initial\nmandatory payment of US$500,000), and making up to US$6,300,000 in\noptional cash payments in respect of amounts payable to the underlying\nProject vendors.  Following an initial transition period during which\nAbraSilver will support field operations, Teck will act as operator\nfor the duration of the Option.\n \n \n \n \n John Miniotis, President and CEO, commented, “We are\ndelighted about the opportunity to secure a significant exploration\nagreement with Teck to advance the large-scale La Coipita project,\nwhich is located in a prolific copper porphyry district.  This\nstrategic collaboration will mark a significant milestone for the\nProject, and greatly enhance the potential for a major copper\ndiscovery.  This transaction will represent a strong endorsement of\nthe exploration potential at La Coipita and we look forward to working\nclosely with Teck to unlock value for all stakeholders.”\n \n \n \n \n Key Terms of the Transaction\n \n \n \n \n Pursuant to the Agreement, AbraSilv...