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Denarius Metals Signs Definitive Option Agreement With Europa Metals to Develop the Toral Zinc-Lead-Silver Project, Leon Province, Northern Spain
TORONTO, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Denarius Metals Corp. (“Denarius Metals” or “the Company”) (TSXV: DSLV; OTCQB: DNRSF) announced today that, further t
About this update from Denarius Metals Corp.
[{"type":"text","content":" TORONTO, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Denarius Metals Corp. (“Denarius Metals” or “the Company”) (TSXV: DSLV; OTCQB: DNRSF) announced today that, further to its news release on October 5, 2022, it has now entered into a definitive option agreement with Europa Metals Ltd. (“Europa”) (AIM: EUZ) dated November 22, 2022 (the “Definitive Agreement”), pursuant to which Denarius Metals has been granted options to acquire, in two stages, up to an 80% ownership interest in Europa Metals Iberia S.L. (“EMI”), a wholly owned Spanish subsidiary of Europa which holds the Toral Zn-Pb-Ag Project (the “Toral Project”), Leon Province, Northern Spain. Detailed information concerning the Toral Project was previously provided in the Company’s news release dated October 5, 2022. Serafino Iacono, Executive Chairman and CEO of Denarius, commented, “We are very pleased to expand our scale in Spain through our partnership with Europa to develop an exciting high-grade polymetallic project located in a well-mineralized historic mining area and a proactive jurisdiction that also offers the potential for further exploration opportunities. The first year will see an application being made for a mining license at the Toral Project, thereby moving the project along the path towards potential future development. In subsequent years we will seek to expand the current footprint of the project to encompass the nearby historic third-party Antonina mine and delineate further high-grade mineral resources, following the success of Europa’s recent drillholes.” Pursuant to the Definitive Agreement, Denarius Metals has been granted a First Option, exercisable until November 22, 2025 (subject to a 90-day extension in certain circumstances), to subscribe for a 51% equity interest in EMI by (i) spending, as operator, a total of US$4,000,000 on the Toral Project over the three-year period, (ii) completing a preliminary economic assessment and (iii) completing and submitting a mining license application in respect of the Toral Project to the local Junta by July 31, 2023. The proposed transaction is subject to receipt of approval of Europa’s shareholders and once obtained, Denarius Metals will make an initial payment of US$100,000 to EMI followed by a second aggregate sum of US$550,000 to be made in periodic payments at the discretion of Denarius Metals following completi...