Business
Centenera Mining Options Out its Organullo Gold Project, Salta Province, Argentina to Yamana Gold
VANCOUVER, British Columbia, Oct. 22, 2018 (GLOBE NEWSWIRE) -- Centenera Mining Corporation (“Centenera” or the “Company”) - (TSXV: CT, OTCQB: CTMIF) announces
About this update from Latin Metals Inc
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 22, 2018 (GLOBE NEWSWIRE) -- Centenera Mining Corporation (“Centenera” or the “Company”) - (TSXV: CT, OTCQB: CTMIF) announces that it has entered into a property option agreement (the “Agreement”) with Yamana Gold Inc. (“Yamana”), whereby Yamana, through a subsidiary, has been granted an option (the “Option”) to acquire an initial 70% interest in the Company’s Organullo Gold Project (the “Project” or “Organullo”). Organullo is located in Salta Province, northwestern Argentina. “Organullo is a gold exploration project that is currently 100%-owned by Centenera. The Project has the potential to host a large, bulk-tonnage gold deposit, however, significant drilling is required in order to fully investigate that potential,” stated Keith Henderson, the Company’s President & CEO. “Under the terms of the Agreement, the related expenditures will be funded solely by Yamana, potentially shielding Centenera shareholders from future dilution, while allowing them to maintain a minority interest in the Project.” Organullo Option Terms Under the terms of the Agreement, Yamana may exercise the Option by the (i) preparation and delivery of a Pre-Feasibility Study (“PFS”) prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) that reports an aggregate Measured and Indicated Mineral Resource of a minimum of 1,000,000 gold-equivalent ounces^ by the 6th anniversary of the effective date of the Agreement; (ii) completion of property-related expenditures of at least US $5,000,000 in the aggregate; and (iii) cash payments of US $1,250,000 in the aggregate, as follows: Date US$ CashPayments US$ ExpenditureCommitments NI 43-101 Report On Signing of Agreement $100,000 (paid) First Anniversary $100,000 Second Anniversary $150,000 $1,250,000 Third Anniversary $200,000 Fourth Anniversary $200,000 $3,750,000 Exercise of Option $500,000 Pre-Feasibility Study Total $1,250,000 $5,000,000 Yamana shall be responsible for funding all exploration expenditures incurred during the Option period. Upon the exercise of the Option, Yamana and Centenera shall be deemed to have formed a joint venture (the “Joint Venture”) with the initial Joint Venture interests being 70%...