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Zinc One Extends Agreement on the Esquilache Project, Southern Peru with Nubian Resources
Vancouver, British Columbia--(Newsfile Corp. - November 28, 2017) - Zinc One Resources Inc. (T...
About this update from Carlton Precious Inc
[{"type":"text","content":"Zinc One Extends Agreement on the Esquilache Project, Southern Peru with Nubian ResourcesVancouver, British Columbia--(Newsfile Corp. - November 28, 2017) - Zinc One Resources Inc. (TSXV: Z) (OTC Pink: ZZOF) (FSE: RH33) (Zinc One or the \"Company\") is pleased to report that Nubian Resources Ltd. (TSXV: NBR) has completed its due diligence to acquire the Esquilache silver-lead-zinc project from the Company. The Esquilache project, comprising the historical Esquilache underground lead-zinc mine and adjacent Virgen de Chapi prospect, is located in the Puno Department of southern Peru. Under the terms of the letter of intent (\"LOI\") announced on September 19th, the entry into the definitive purchase agreement was to take place on November 24th, however, given the additional time required to complete the due diligence process, Nubian and Zinc One have agreed to extend the entry into the definitive purchase agreement to December 22, 2017. Nubian has advanced $25,000 to Zinc One thus reducing the cash amount owing on closing from $125,000 to $100,000, which amount will be in addition to the $475,000 in common shares of the Company calculated on the volume weighted average price (\"VWAP\") for the 60 calendar days preceding the LOI date as well as the four annual advanced Net Smelter Royalty (NSR) payments of $162,500, as outlined in the LOI. The Project is subject to a 2% NSR, of which Nubian will have the right to purchase 1% for $500,000 at any time until the third anniversary of the first sale of gold, silver or concentrate. \"Zinc One is very pleased to complete this agreement that secures some financing for the Company allowing us to focus on our Bongará and Charlotte Bongará Peru projects which are of higher priority for us,\" commented Jim Walchuck, President and CEO of Zinc One.About Zinc One Resources Inc.Zinc One is focused on the acquisition, exploration and development of prospective and advanced zinc projects in mining-friendly jurisdictions. Zinc One's key assets are the Bongará Mine and Charlotte-Bongará Zinc-Oxide Projects in north-central Peru. The former was in production from 2007 to 2008, but shut down due to the global financial crisis and concurrent decrease in the zinc price. Past production included 20% zinc grades and recoveries over 90% from surface and near-surface nonsulfide zinc miner...