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THEMAC PROVIDES UPDATE ON STATUS OF COPPER FLAT...
THEMAC PROVIDES UPDATE ON STATUS OF COPPER FLAT....
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n THEMAC PROVIDES UPDATE ON STATUS OF COPPER FLAT PROJECT ACQUISITION \n AND ONGOING DEVELOPMENT WORK\n \n \n\n \n Electrum Resources plc\n \n \n\n \n \n \n ELECTRUM RESOURCES plc\n \n \n (“Electrum Resources”, “Electrum” or the “Company”)\n \n \n AIM: ECR\n \n \n US OTC: MTGDY\n \n \n THEMAC PROVIDES UPDATE ON STATUS OF COPPER FLAT PROJECT ACQUISITION \n AND ONGOING DEVELOPMENT WORK\n \n \n London: 24 November 2010 – Electrum Resources plc is pleased to \n draw attention to the announcement made today by THEMAC Resources Group \n Ltd (“THEMAC”) (TSXV: MAC.H) regarding the status of the purchase by \n THEMAC of Electrum’s exclusive option (the “Option”) over a 100% \n interest in the Copper Flat copper-molybdenum-gold-silver project in New \n Mexico, USA.\n \n \n Highlights:\n \n \n \n Marley Holdings Pty Ltd, a company controlled by THEMAC director Kevin \n Maloney, has provided an C$3.5 million advance to THEMAC as a \n precursor to completion of the C$10.2 million equity financing (the \n “Financing”) announced by THEMAC on 8 November 2010. The advance has \n been used to make the latest payment required to exercise the Option \n in the amount of US$1.85 million, and to continue permitting and \n project development work at Copper Flat\n \n \n The agreement for the purchase of the Option by THEMAC has been \n amended to enable completion of the Financing as proposed. Following \n the amendments and in view of the terms of the Financing it is \n anticipated that Electrum’s shareholding in THEMAC will not be subject \n to escrow imposed by the TSX Venture Exchange after completion of the \n purchase and that the validity of 4 million common share purchase \n warrants of THEMAC to be issued to Electrum that are due to expire on \n 3 May 2011 will be extended to 3 May 2013\n \n \n THEMAC has entered into an agreement for the purchase of water rights \n on lands adjacent to Copper Flat. The water rights are additional to \n those already held and are required for the recommencement of \n production at Copper Flat\n \n \n Work is underway on all major aspects of a prefeasibility study of the \n proposed recommencement of production at Copper Flat, and THEMAC is \n evaluating opportunities to accelerate the advancement of \n prefeasibility work to feasibility level using engineering, design and \n mine planning studies g...