Business
Corporate Update
(via TheNewswire) - Update on Completion and Timetable for Recently An...
About this update from Fidelity Minerals Corp.
[{"type":"text","content":"Corporate Update(via TheNewswire)\n \n \n\n\n- Update on Completion and Timetable for Recently Announced Transactions.\n\n\n\n- New Project Generation Update Focused on Northern Peru.\n\n\n\n- Recent Corporate Activity Further Supports Strategic Project Generator Strategy.\n\n\n\n \n \nVancouver, BC / TheNewswire / May 8, 2019 - Fidelity Minerals Corp. (TSX-V: FMN | FSE: S5GM | SSE: MNYC) (\"Fidelity Minerals\" or \"the Company\") is pleased to provide the following update.\n\n \n \nPorphyritic Copper Project\n\n\n \nOn April 29, 2019, the Company announced its intention to acquire a 100% interest in the Porphyritic Copper project located in the district of La Libertad, Northern Peru. In order to allow the timely completion of the acquisition, the Company has applied to the TSX-Venture Exchange for approval to grant the Consideration Shares, which constitute the majority of the acquisition costs. The additional cash consideration cost is US$7,000. Further Milestone Payments of C$500,000 and C$250,000 are payable, if within 5 years, a NI 43-101 compliant resource of >500,000T of contained copper is published by Fidelity Minerals (Milestone 1), and/or a transaction exceeding C$5,000,000 is consummated (Milestone 2), respectively.\n\n\n \nThe Company is in the process of establishing a subsidiary to hold the 100% interest in the project, as well as any additional interests which will form part of the expanded project. The Company has decided to hold the project interests in a dedicated project entity, in order to facilitate the orderly introduction of a joint-venture partner into the project once the project evaluation studies have advanced appropriately. Based on recent regional transaction activity, the Company remains confident a suitable joint-venture partner will be introduced to the project at a substantially higher valuation than that incurred by the Company.\n\n \n \nNew Project Generation Update\n\n\n \nThe Company is leveraging its historical geoscience database, as well as recent data acquisition as the basis for identifying earlier stage project opportunities which have similarities with large well-defined copper and gold projects and have synergies with the Company's existing project portfolio. The Company has a distinct advantage in Northern Peru as the company has developed proprietary regional data-sets which ena...