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Ridgeline Minerals Executes Exploration Earn-In Agreement with South32 at the Selena Project, Nevada
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About this update from Ridgeline Minerals Corp
[{"type":"text","content":"Ridgeline Minerals Executes Exploration Earn-In Agreement with South32 at the Selena Project, NevadaJoin us for a Selena Webinar at 4:00 pm ET August 22, 2024 - register HERE. All dollars are US dollarsVancouver, British Columbia--(Newsfile Corp. - August 22, 2024) - Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) (\"Ridgeline\" or the \"Company\") is pleased to announce that it has entered into an earn-in agreement dated August 21, 2024 (the \"Earn-In Agreement\" or \"Agreement\") with a wholly-owned subsidiary of South32 Limited (South32), pursuant to which South32, subject to TSX Venture Exchange approval, can acquire up to an 80% interest in Ridgeline's Selena carbonate replacement deposit (\"CRD\") project (\"Selena\" or the \"Project\"); a 39 square kilometer land package located directly adjacent to Freeport-McMoRan's Butte Valley copper porphyry project1 (Figure 1). In order to earn an initial 60% ownership interest in the Project, South32 must pay Ridgeline a US$100,000 execution payment and fund a minimum of US$10.0 million (of which US$2.0 million is guaranteed) in qualifying exploration expenditures on the Project over an initial five-year term, following which South32 will have a further option to increase its ownership interest in the Project to a total of 80% by incurring an additional US$10.0 million in expenditures for an aggregate spend of US$20.0 million, as outlined below. Ridgeline will remain operator of the Project during the Initial Phase 1 Earn-in Option period.Chad Peters, Ridgeline's President, CEO & Director commented, \"We are delighted to partner with South32 and add a third earn-in agreement with a major mining company to Ridgeline's exploration portfolio. We strongly believe that Selena represents a significant exploration opportunity in the base metal sector and South32 is the ideal partner to help us quickly advance and de-risk our high-grade CRD discovery at Selena.\" Mr. Peters continues, \"Ridgeline's combined earn-in agreements between South32 and Nevada Gold Mines now provides up to US$60 million in potential exploration expenditures across the Selena, Swift and Black Ridge projects. Furthermore, all three earn-in agreements retain non-dilutive, debt financing options that will effectively carry Ridgeline's 20% to 25% interests in the respective projects should...