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Avrupa Minerals Signs Non-Binding Letter of Intent to Option Out Pyrite Belt Copper-Zinc Licenses in Portugal
VANCOUVER, British Columbia, March 05, 2018 (GLOBE NEWSWIRE) -- Avrupa Minerals Ltd. (TSXV:AVU) (OTC:AVPMF) (FRANKFURT:8AM) is pleased to announce that it has s
About this update from Avrupa Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, March 05, 2018 (GLOBE NEWSWIRE) -- Avrupa Minerals Ltd. (TSXV:AVU) (OTC:AVPMF) (FRANKFURT:8AM) is pleased to announce that it has signed a non-binding Letter of Intent (“LOI”) with a subsidiary of an international mining company to option out three exploration projects located in the Pyrite Belt of south Portugal. The funding partner will provide a first stage earn-in amount of 13 million euros (approximately C$20.3 million) for exploration programs over the next three years to acquire a 51% interest in the projects. The parties are currently finalizing a definitive agreement for each of the licenses. Paul W. Kuhn, President and CEO of Avrupa Minerals, stated, “We have worked for a long time to get to this point where we can move ahead rapidly on these VMS projects. Our new partner will provide funding and expertise for the exploration programs, and will provide superior technical experience to develop potentially large-scale mining operations. Our licenses cover some of the most prospective areas of the Pyrite Belt in Portugal, and we look forward to following up on our successful drill intercepts from three years ago.” The Letter of Intent includes the following earn-in terms: Alvalade For 51% of the license, spend 10 million euros over the next 3 years (including 30,000 meters of drilling); For an additional 24%, for a total of 75%, produce a feasibility study on any one particular project within the license area by the end of the pre-exploitation license period, or by the end of 2023, whichever is earliest. Marateca For 51% of the license, spend 2 million euros over the next 2 years, including 10,000 meters of drilling; For an additional 9%, for a total of 60%, spend 4 million euros over the following 2 years, including a minimum of 10,000 meters of drilling; For a further 10%, for a total of 70%, produce a pre-feasibility study on any one particular project within the license area by the end of 2023. Mertola For 51% of the license, spend 1 million euros by the end of the exploration license period in 2019, including at least 2,000 meters of drilling; For an additional 9%, for a total of 60%, spend 2 million euros within two years of the start of the pre-exploitation license, including a minimum of 6,000 meters of drilling; F...