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Cascadero Announces an Exploration and Development Earn-In Agreement with Golden Minerals Company
North Vancouver, British Columbia--(Newsfile Corp. - December 3, 2019) - Cascadero Copper Corp...
About this update from Cascadero Copper Corp.
[{"type":"text","content":"Cascadero Announces an Exploration and Development Earn-In Agreement with Golden Minerals CompanyNorth Vancouver, British Columbia--(Newsfile Corp. - December 3, 2019) - Cascadero Copper Corporation (TSXV: CCD) (or \"The Company\") announces that it has signed an Exploration and Development Earn-In Agreement (the \"Agreement\") with Golden Minerals Company (\"Golden Minerals\" or \"Golden\"). Golden Minerals is a Golden, Colorado-based precious metals company and is listed on the NYSE American and TSX under the symbol AUMN.Cascadero is the owner of the Sarita Este mining Concession in the Province of Salta in northwestern Argentina. The target Sarita Este commodities are gold, silver and copper. The Sarita Este tenement is located west of the Taca Taca porphyry deposit, which is owned by First Quantum Minerals Ltd. The Taca Taca concession is a mid-size Chilean style porphyry and the only copper-gold-molybdenum deposit in northwestern Argentina, that is ready to develop. In a 2013 PEA, the former owner of Taca Taca , Lumina Copper Corp., estimated a mine life of 28 years, and average grades of 0.46% copper, 0.012% molybdenum and 0.09g/t gold. First Quantum Minerals Ltd. purchased Lumina Copper Corp. in 2014 for $485 million.Cascadero and Golden (the \"Parties\") will enter into an Agreement, pursuant to which Cascadero will grant Golden the exclusive right to control and conduct mineral exploration, evaluation and development activities on the Concession, subject to Golden fulfilling certain minimum expenditure and payment requirements. Golden will be appointed Operator of the Project. Cascadero and Golden will form an Argentine limited liability company (\"Newco\"), of which they will be joint owners. Cascadero will convey the Sarita Este Concession to Newco and the Parties will engage in the joint development of the Concession pursuant to a Shareholder's Agreement, governing Newco's ongoing activities.Cascadero grants Golden the exclusive right to enter upon the Concession during the Earn-In period for the purpose of conducting exploration, development and related work, and the exclusive and irrevocable right to acquire a 51% ownership interest in Newco by -(a) Payment of the non-refundable sum of US$150,000 (the \"Earn-In payment\");(b) Incurring a total of USD$2.5 million in minimum work requirements for exploration and deve...