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Arizona Sonoran Copper Purchases Contiguous MainSpring Property Providing Additional Planning Flexibility for the PFS
Purchase and sale agreement for the MainSpring Property, a 523 acre parcel of private land, contiguous to the Company’s Parks/Salyer project. The MainSpring pro
About this update from Arizona Sonoran Copper Co., Inc.
[{"type":"text","content":" Purchase and sale agreement for the MainSpring Property, a 523 acre parcel of private land, contiguous to the Company’s Parks/Salyer project. The MainSpring property is bordered to the south by the highway, east by the Cactus mine access road and to the north by the Parks/Salyer project. Provides operational flexibility with respect to infrastructure and site requirements for the re-scoped PFS due in Q4 2023 or early 2024, including potential land requisites for consideration in a Nuton scenario. CASA GRANDE, Ariz. & TORONTO / Feb 28, 2023 / Business Wire / Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”), an emerging US-based copper developer and near-term producer, is pleased to announce that it has entered into a purchase and sale agreement (“PSA”) in respect of the MainSpring property, 523 acres of private land immediately south of the Parks/Salyer project and east of the mine access road (the “MainSpring Property”). The total increased land position of the combined Cactus and Parks/Salyer project is expected to be 5,368 acres, up from 4,845 acres. As a result, operational flexibility significantly improves with regards to planning requirements for the re-scoped pre-feasibility study (“PFS”) (see FIGURE 1). George Ogilvie, Arizona Sonoran President and CEO stated, “As we continue to progress towards the design, engineering and infrastructure layout phases of the study, the MainSpring Property provides the Company with strategic alternatives to plan and optimize the re-scoped PFS. Specifically, the additional land allows for optimization within production scenarios being reviewed at Parks/Salyer and further flexibility in a potential Nuton scenario, thus allowing consideration of the most value accretive proposition for shareholders.” Key Terms of the PSA Cactus 110 LLC (a group company of ASCU) has entered into a purchase and sale agreement in respect of certain parcels of real property situated in Pinal County comprising of approximately 523 acres. The total purchase price for the property is US$14 million to be paid as below: Payment of a US$1 million non-refundable deposit into an escrow account at the time of signing of the agreement; Payment of US$2 million on or prior to the expiry of the PSA Due Diligence date (such date being 5 months (subject to one month’s extension at the...