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Pan American Silver, Canasil and Orex Sign Letter of Intent to Advance the Sandra-Escobar Project
Pan American Silver, Canasil and Orex Sign Letter of Intent to Advance the Sandra-Escobar ...
About this update from Canasil Resources Inc.
[{"type":"text","content":"\n\n\n\nPan American Silver, Canasil and Orex Sign Letter of Intent to Advance the Sandra-Escobar Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Dec. 19, 2017\n\n\n\nTSX-V: CLZ \n\n\n\nVANCOUVER, Dec. 19, 2017 /CNW/ - Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, \"Canasil\" or the \"Company\") announces that the Company, Orex Minerals Inc. (TSX-V: REX, OTCQX: ORMNF, \"Orex\") and Pan American Silver Corp. (TSX: PAAS, NASDAQ: PAAS) through its subsidiary Plata Panamericana SA de CV (\"Pan American\"), have signed a non-binding Letter of Intent (\"LOI\") for cooperation to advance exploration on the Sandra-Escobar project in Durango, Mexico. The LOI provides for the parties to enter into a Definitive Agreement covering total optional expenditures of US$ 6 million (US$ 5 million by Pan American and US$ 1 million jointly by Canasil and Orex) over a period of four years. Following completion of these expenditures, Pan American will have earned a 51% interest in the Sandra Property and Orex and Canasil will have increased their interest in the Escobar property to 49%, so that Pan American will hold a 51% interest and Canasil and Orex will jointly hold a 49% interest in the combined Sandra and Escobar properties as detailed below. Pan American will have a further option to increase its interest to 60% in the combined properties by advancing the project to pre-feasibility.\n\nCanasil CEO, Bahman Yamini, commented: \"We are very pleased to have reached agreement with Pan American and Orex providing for significant investments to advance the Sandra-Escobar project. Results to date suggest that the project area hosts a large mineral rich endowment with multiple silver, gold and base metal targets which remain open for exploration. We are looking forward to working together with both our partners to investigate these targets and to unlock future value for our shareholders.\" \n\nThe interests of the parties in the Sandra and Escobar properties are governed by two separate agreements: Pan American and C...