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Cordoba Minerals Announces Revised Perseverance Joint Venture Agreement with Bell Copper
Vancouver, British Columbia--(Newsfile Corp. - March 18, 2024) - Sarah Armstrong-Montoya, Preside...
About this update from Cordoba Minerals Corp.
[{"type":"text","content":"Cordoba Minerals Announces Revised Perseverance Joint Venture Agreement with Bell CopperVancouver, British Columbia--(Newsfile Corp. - March 18, 2024) - Sarah Armstrong-Montoya, President and Chief Executive Officer of Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) (otherwise \"Cordoba\" or the \"Company\") announces today that Cordoba and Bell Copper Corporation (\"Bell Copper\") have agreed to amend the Perseverance Joint Venture and Earn-in Agreement (the \"Amended Joint Venture Agreement\"), of which Cordoba has vested a 51% interest in the Perseverance Porphyry Copper Project in Arizona, USA.Under the Amended Joint Venture Agreement, the current earn-in phase for Cordoba has been adjusted to spend C$14,200,000 by April 24, 2026 for the option to earn an 80% interest in the Perseverance Project. This adjusted project expenditure of C$14,200,000 reflects the combination of the Phase 3 and Phase 4 earn-in spending requirements in the original Agreement, and with additional project expenditures of C$1,200,000 for amending the Agreement. The timing for Cordoba to have the option to earn the 80% project interest in Perseverance remains the same, but it is now accomplished by earning straight into the 80% project interest by April 24, 2026 rather than via two earn-in phases in the original Joint Venture Agreement (refer to Table 1 below for comparison between the original and amended Agreements). Original Joint Venture AgreementAmended Joint Venture AgreementPhase 1C$ 1M by April 24, 2020 to earn 25% interest (completed)Phase 1C$ 1M by April 24, 2020 to earn 25% interest (completed)Phase 2Additional C$ 3M by April 24, 2022 for 51% interest (completed)Phase 2Additional C$ 3M by April 24, 2022 for 51% interest (completed)Phase 3Additional C$ 3M by April 24, 2024 for 70% interestPhase 3Additional C$ 14.2M by April 24, 2026 for 80% interest (in progress)Phase 4Additional C$ 10M by April 24, 2026 for 80% interest Table 1: Comparison of Earn-in Terms \"Cordoba continues to believe Perseverance has the potential for a massive copper porphyry system and is glad that Bell Copper is willing to work with us to adjust the Joint Venture Agreement so we could continue to explore the Project together,\" commented Ms. Armstrong-Montoya, President and CEO of Cordoba. \"It is our plan to carry out an exploration program and TyphoonTM IP-res...