Business
Heads of Agreement
Heads of Agreement.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Heads of Agreement\n \n \n\n \n Mercator Gold Plc\n \n \n\n \n \n \n MERCATOR GOLD plc\n \n \n (“Mercator Gold”, “Mercator” or “the Company”)\n \n \n AIM: MCR\n \n \n OTC (USA): MTGDY\n \n \n Heads of Agreement\n \n \n 2 March 2010\n \n \n Mercator Gold plc is pleased to announce that it has entered into a \n binding heads of agreement (“the Heads of Agreement”) with Uranio AG \n (“Uranio”) with respect to all exploration and mining licences and \n applications held by Uranio in Argentina (“the Licences”).\n \n \n HIGHLIGHTS\n \n \n \n Terms agreed on which Mercator may, at its option, earn in to an \n interest of up to 70% in the Licences (‘the Earn In’).\n \n \n The Licences, which total in excess of 80,000 hectares of granted \n tenements, will be evaluated for uranium as well as precious and base \n metal potential.\n \n \n A four-month due diligence period, extendable by three months, has \n commenced.\n \n \n Argentina is recognised as a highly prospective territory for uranium \n exploration, and the French nuclear energy group AREVA is known to be \n considering the construction of a uranium mill in the country.\n \n \n The Licences include one 4,000 hectare tenement located in close \n proximity to the historic Los Mogotes Colorados uranium mine.\n \n \n \n Patrick Harford, Managing Director of Mercator Gold plc, comments: “Part \n of the rationale for the acquisition of Mercator’s shareholding in \n Uranio was to enable the Company to begin to unlock the value of \n Uranio’s highly promising tenement portfolio, which I believe we can now \n do.\n \n \n Argentina is well known as an emerging uranium hotspot, being \n geologically exciting yet under-unexplored in comparison with other, \n more established uranium mining nations.”\n \n \n About the Licences\n \n \n The Licences consist of in excess of 80,000 hectares of granted \n tenements of various categories in Argentina’s La Rioja, San Luis and \n Salta Provinces, in addition to in excess of 50,000 hectares of tenement \n applications in Jujuy Province.\n \n \n The majority (in excess of 50,000 hectares) of the granted tenements lie \n within La Rioja Province, including a tenement known as Color 15 that is \n located approximately twenty kilometres from the historic Los Mogotes \n Colorados mine, an unconformity-related roll-front uranium deposit. The ...