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Centenera Mining Signs Definitive Option for Esperanza Copper-Gold Project, San Juan Province, Argentina
VANCOUVER, British Columbia, July 09, 2018 (GLOBE NEWSWIRE) -- Centenera Mining Corporation (“Centenera” or the “Company”) - (TSXV:CT) (OTCQB:CTMIF) announces t
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[{"type":"text","content":" VANCOUVER, British Columbia, July 09, 2018 (GLOBE NEWSWIRE) -- Centenera Mining Corporation (“Centenera” or the “Company”) - (TSXV:CT) (OTCQB:CTMIF) announces that it has signed a definitive property option agreement (the “Agreement”) for the Esperanza Copper-Gold Project (\"Esperanza\" or the \"Project\"), consisting of 32 mining claims in San Juan Province, Argentina. The Company had previously entered into a binding Letter of Intent (previous news release January 23, 2017) with an arm's length vendor (the \"Vendor\"), whereby Centenera was granted the exclusive option to acquire a 100% interest in Esperanza. “Signing a definitive option agreement for Esperanza is an important milestone for Centenera,” stated Keith Henderson, Centenera’s President & CEO. “The recent drill program at the project returned excellent results, confirmed our belief that Esperanza has significant bulk tonnage potential and sets the stage for us to actively seek joint venture partners to advance the Project.” Esperanza Drilling Highlights Hole 18-ESP-025, ranked 3rd best copper drill intersection globally in Q1 2018, returned 0.81% copper equivalent from surface to 368m1,2 2018 drill program intersected continuous mineralization from surface to end of hole -- 387m in Hole 18-ESP-025, 451m in Hole 18-ESP-0271 Deposit remains open both laterally and at depth Four priority drill targets identified to assess bulk tonnage potential Notes 1 True width is not known. 2 Copper equivalent = Copper grade % + (0.795 x gold grade g/t), where the conversion factor of 0.795 is calculated by comparing the value of copper $2.20/lb to the value of gold at $1,200/oz and assuming 100% recovery. Esperanza Option Terms Under the terms of the Agreement and subject to acceptance by the TSX Venture Exchange (the “TSXV”), Centenera has the exclusive right and option (the “Option”) to earn a 100% interest in the Project through (i) the payment of USD $2,306,000 (of which USD $208,000 has been paid to date) and (ii) the issuance of common shares in the Company valued at USD $500,000 (at the time of issuance) to the Vendor (the \"Option Payments\"). Upon completion of the Option Payments, Centenera will be deemed to have exercised the Option and will have earned an undivided 100% legal and beneficial interest in and to the Project, subject ...