Business
Alturas signs definitive option agreement on its Huajoto project in Central Peru with Milpo
(via TheNewswire) Toronto, Canada and Lima, Peru / TheNewswire / March 3 , 2017 - Al...
About this update from Alturas Minerals Corp.
[{"type":"text","content":"Alturas signs definitive option agreement on its Huajoto project in Central Peru with Milpo(via TheNewswire)\n\n \nToronto, Canada and Lima, Peru / TheNewswire / March 3, 2017 -Alturas Minerals Corp (TSXV:ALT) (\"Alturas\") is pleased to announce that Alturas has entered into a definitive agreement (the \"Agreement\") with Compania Minera Milpo S.A.A. (\"Milpo\"), a member of the Brazilian international Votorantim Group, to option the Alturas' 100% owned, 4,675 hectare, zinc-gold-copper-rare earth elements project Huajoto property mining concessions, located 22 kilometers northwest of the historical mining town of Huancavelica in Central Peru.\n\n \n \nMiguel Cardozo, President and CEO of Alturas commented: \"The Company welcomes this definitive agreement with Milpo, a major international mining house and one of Peru's principal mineral producers, in order to continue the exploration and development of its Huajoto project, which had been partially drilled by Alturas with very encouraging zinc-rare earth mineralized intercepts. This agreement is consistent with our ongoing strategy to share exploration and development expense and risk at some of our key projects\". \n\n \n \nUnder the terms of the Agreement dated on January 18th, 2017, Alturas grants Milpo: \n\n\n \n\n\n1.A conditional 3-year option (the \"Option\") to acquire 80% of the Huajoto concessions for a total payment of US$2 million (the \"Acquisition Price\"). The Option period will start as soon as Milpo obtains all authorizations, permits and licenses required to initiate its exploration activities. \n\n\n\n \n \n\n\n2.A mining assignment of the concessions (the \"Assignment\"), for Milpo to execute its exploration activities. The Assignment starts on the date of execution of the Agreement (the \"Effective Date\") and will last until the Option terminates. \n\n\n\n \n \nIn addition, in order to exercise the Option and acquire a participating interests (\"Interest\") for 80% of the Huajoto concessions, Milpo should advance the project and prepare within the 3-year period corresponding to the Option a 43-101-compliant Preliminary Economic Assessment (Scoping Study) as defined by the Canadian Securities Administration.\n\n \n \nDuring the Assignment period, Milpo will make annual cash payments of US$200,000 each out of which Alturas agrees to cover Alturas?s commitments...