Business
Strategic Alliance with EXMIN
Strategic Alliance with EXMIN.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n Hochschild Mining PLC\n09 July 2007\n\n\n9 July 2007\n\n \n Hochschild Mining announces Strategic Alliance with\n EXMIN for Mexican exploration\n\n\n• Hochschild gains a right of first offer on certain existing EXMIN\n properties and on all future EXMIN properties in Mexico for a period of at least\n 18 months\n\n• Hochschild increases EXMIN stake from 4.46% to 17.4% by way of a\n private purchase\n\n• Moris mine, the advanced stage development project jointly owned by\n Hochschild (70%) and EXMIN (30%), is on track to commence production in Q3 2007\n\nEduardo Hochschild, Chairman of Hochschild Mining plc said:\n\n'This strategic alliance allows us to expand our exploration efforts in Mexico\nin an innovative and cost effective manner that is mutually beneficial for both\nparties. EXMIN has already proved an excellent partner for Hochschild in the\ndevelopment of our Moris mine and we look forward to working together to step up\nour involvement in Mexico to deliver further value for all our shareholders.'\n\nHochschild Mining plc ('Hochschild'), the London listed Latin American precious\nmetals company and EXMIN Resources Inc. ('EXMIN'), a Toronto listed exploration\ncompany focused on northwestern Mexico, have entered into a Strategic Alliance\nwith respect to their exploration efforts in Mexico.\n\nHochschild gains a right of first offer to develop, acquire or otherwise earn an\ninterest in certain of the properties located in Mexico over which EXMIN has an\nexclusive interest, as well as any new claims, options, acquisitions or any\nother form of interest obtained by EXMIN in properties in Mexico for a period of\nat least 18 months.\n\nThis Strategic Alliance materially expands Hochschild's exploration efforts in\nMexico. EXMIN brings a large property package in the Sierra Madre gold belt in\nnorthwestern Mexico with approximately 20 exploration projects. EXMIN's founding\nmanagement has decades of experience in Mexico and the Sierra Madre Occidental.\n\nUnder the Strategic Alliance agreement, Hochschild will also acquire a number\ncommon shares of EXMIN at C$0.40 per share for aggregate gross amount of US$3\nmillion, which will be used by EXMIN to fund its portion of the Moris mine\nfunding requirements. In addition, Hochschild has agreed to convert $1.5 million\nprincipal amount of indebtedness owing to it by EXMIN...