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Latin Metals Provides Update on Barrick Gold Earn-In Agreement for Exploration Projects, Santa Cruz Province, Argentina
VANCOUVER, British Columbia, March 07, 2022 (GLOBE NEWSWIRE) -- Latin Metals Inc. (“Latin Metals” or the “Company”) - (TSXV: LMS, OTCQB: LMSQF) provides an upda
About this update from Latin Metals Inc
[{"type":"text","content":" VANCOUVER, British Columbia, March 07, 2022 (GLOBE NEWSWIRE) -- Latin Metals Inc. (“Latin Metals” or the “Company”) - (TSXV: LMS, OTCQB: LMSQF) provides an update on its previously announced earn-in agreement (the “Earn-In Agreement”) with a wholly-owned subsidiary of Barrick Gold Corporation (“Barrick”), whereby Latin Metals granted to Barrick the option to earn-up to an 85% interest in the Cerro Bayo, Cerro Bayo Sur and Flora Este properties, located in Santa Cruz Province, Argentina (the “Properties”) (see news release dated February 7, 2022). Latin Metals announces that it and Barrick have entered into an agreement with the underlying owner of the Properties as of February 25, 2022 (“Effective Date”). Under the terms of the agreement, the underlying owner of the Properties has acknowledged Barrick’s rights under the Earn-In Agreement and authorized Barrick to conduct operations on the Properties. Under the terms of the Earn-In Agreement, Barrick is now obligated to incur at least USD $1,000,000 in exploration expenditures on the Properties by the second anniversary of the Effective Date. Latin Metals has now also received the US$150,000 cash payment from Barrick that was due on the Effective Date. Keith Henderson, President and CEO of Latin Metals, commented, “We look forward to working with Barrick as it commences its operations under the earn-in agreement, which will initially include delineation work comprised of detailed geological mapping and sampling and subsequent geophysics, in order to quickly identify drill targets. Pursuant to the terms of the earn-in agreement, Latin Metals will receive a summary of the operations conducted by Barrick on the properties and the results thereof on a quarterly basis, with the first report scheduled to be delivered to Latin Metals at the end of May 2022.” Earn-In Agreement Details Under the terms of the Earn-In Agreement, Barrick has the right to acquire up to an 85% interest in the Properties. Barrick’s earn-in right consists of an initial option (the “First Option”) to acquire a 70% interest in the Properties and a second option (the “Second Option”) to acquire an additional 15% (aggregate 85%) interest. The Properties are currently subject to an underlying option agreement dated February 7, 2019, as amended (the “Underlying Option Agreement”) (see news release...