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Erin Ventures Enters Strategic Partnership With Temas Resources for Development of Erin's Piskanja Boron Project
VICTORIA, BC / ACCESSWIRE / December 17, 2020 / Erin Ventures Inc. (TSXV:EV) is pleased to...
About this update from Boron One Holdings Inc
[{"type":"text","content":"Erin Ventures Enters Strategic Partnership With Temas Resources for Development of Erin’s Piskanja Boron ProjectVICTORIA, BC / ACCESSWIRE / December 17, 2020 / Erin Ventures Inc. (TSXV:EV) is pleased to report that it has entered into a Letter of Intent with Temas Resources Corp. (\"Temas\") for the joint development of Erin's Piskanja Borate Project, located in Serbia (\"Piskanja\").Piskanja is Erin's wholly-owned boron deposit with an indicated mineral resource of 7.8 million tonnes (averaging 31.0 per cent B2O3) and an inferred resource of 3.4 million tonnes (averaging 28.6 per cent B2O3), calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves (CIM Standards), as disclosed in Erin's report titled, \"Mineral Resource Estimate Update On The Piskanja Borate Project, Serbia, October 2016 - Amended February 28, 2019\" - prepared by SRK Consulting (UK) Ltd. The responsible persons for the Updated MRE are Dr. Mike Armitage (C.Eng. C.Geol.) and Dr. Mikhail Tsypukov, who are both full-time employees of SRK and Qualified Persons in accordance with the CIM Definition Standards on Mineral Resources and Reserves (CIM Standards), and independent of Erin Ventures.The salient terms in the Letter of Intent (\"LOI\") as are follows:Temas has a sole, exclusive, immediate, and irrevocable option to earn up to 50% equity interest in Balkan Gold (Erin's wholly-owned subsidiary which holds the license to the Piskanja Boron Project) by expending a total of €10.5 million towards the development of Piskanja, within a 36-month period (the \"Option Transaction\").Upon receiving approval of the Option Transaction, Temas will make a one-time payment of 250,000 Temas common shares and 250,000 share purchase warrants (at $1.00 for 4 years) to Erin.The terms of this LOI will form the basis of a definitive, binding Option Agreement, which the parties contemplate will be entered into no later than April 15, 2021.Temas has until Feb. 28, 2021 to complete its due diligence regarding Piskanja.Each €210,000 advanced to the Project by Temas will earn Temas an additional 1% undivided equity interest in Balkan Gold, to a maximum of 50% interest for €10.5M.Temas has the right to accelerate the Option expenditures.Upon acquisition of 50% interest in Balkan Gold by completing its ...