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Sonoran Desert Copper Corporation Announces that the TSX Venture Exchange Approves the Cuatro Hermanos Project Acquisition
Vancouver, British Columbia--(Newsfile Corp. - October 20, 2023) - Sonoran Desert Copper Corpora...
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[{"type":"text","content":"Sonoran Desert Copper Corporation Announces that the TSX Venture Exchange Approves the Cuatro Hermanos Project AcquisitionVancouver, British Columbia--(Newsfile Corp. - October 20, 2023) - Sonoran Desert Copper Corporation (TSXV: SDCU) (\"SDCU'' or the \"Company\") is pleased to announce that further, to its February 9, 2023 and September 6, 2023 news releases, the TSX Venture Exchange has approved the Exploration Right Assignment Agreement with Definitive Rights Assignment Option between the Company and Minerales Y Yacimientos Mexicanos Sacaramento, S.A. de C.V. (the \"Agreement\") The Company will provide an overview news release on the new NI 43-101 Technical Report (the \"Report\") for Cuatro Hermanos Project, once the Report has been filed on SEDAR+.4H Transaction DetailsPursuant to the Agreement, the Company will make cash payments to Minerales Y Yacimientos Mexicanos Sacramento, S.A. DE C.V. (the \"Vendor\") and complete work expenditures over 60 months for a 100% ownership of the Cuatro Hermanos concessions, as per the following (in US Dollars):DateCash PaymentWork CommitmentExecution $ 50,000 12 Months $ 150,000 $ 100,000 24 Months $ 200,000 $ 250,000 36 Months $ 200,000 $ 500,000 48 Months $ 200,000 $ 1,000,000 60 Months $ 5,062,500 $ 1,000,000 Project $ 5,862,500 $ 2,850,000  The Vendor retains a one percent (1%) Net Smelter Royalty (\"NSR\"), registered with the Mining Ministry of Mexico. The Company is obligated to pay for the continuing mining taxes/duties/fees to maintain the concessions in active status during the term of the purchase option. The Cuatro Hermanos concessions are in good standing before the Mexican Mines Bureau (known in Spanish as Direccion General de Minas). Additional Mining Duties for the San Lorenzo ConcessionMexican Federal Fees Law establishes the obligation for titleholders of non-productive mining concessions in which there are non-exploitation or exploration works performed during two consecutive years, to pay a mining fee denominated as an \"Additional Mining Duty\", payable on a six-month basis.Within the Cuatro Hermanos Project, only the \"San Lorenzo\" concession may be categorized as a non-productive mining concession, as the obligation to report works and labors in connection with such Mining Title has been suspended during the periods 2018, 2019, 2020, 2021 and 2022....