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Quaterra Announces Framework Agreement with Atlantic Richfield Company to Facilitate Yerington Site Cleanup
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2019) - Quaterra Resources Inc. (TSXV:...
About this update from Lion Copper And Gold Corp
[{"type":"text","content":"Quaterra Announces Framework Agreement with Atlantic Richfield Company to Facilitate Yerington Site CleanupCritical milestone in de-risking the Yerington Copper Project with ARC committing to funding and work plan Vancouver, British Columbia--(Newsfile Corp. - June 3, 2019) - Quaterra Resources Inc. (TSXV: QTA) (OTCQB: QTRFF) today announced its wholly-owned subsidiary Singatse Peak Services LLC (\"SPS\") has entered into a master agreement with Atlantic Richfield Company (\"ARC\") as part of a state-regulated, privately-funded solution to long-standing environmental issues associated with previous mining activity at the Anaconda Copper Mine site located on its Yerington property in Nevada.The agreement, effective June 1, 2019, defines the terms under which the two companies will work together on the Yerington mine site, allowing ARC to complete its remedial actions and SPS to move forward with exploration and development of the site for mining. It memorializes the Parties' commitments concerning cooperation, access, property rights, liabilities, federal land acquisition, and ensures preservation of SPS's property and mineral rights. The Agreement also contains covenants not to sue and indemnification provisions between the Parties.Of particular note, the ARC-SPS agreement will: Further reduce SPS's risks regarding environmental liabilities at the Yerington site associated with past mining prior to SPS's acquisition in 2011. This includes both the former Anaconda mining operations and the former Arimetco area known as Operable Unit 8 (\"OU8\"), previously an unfunded liability. ARC has agreed to design, build, operate and fund the remedy for the Arimetco portion of the Site as well as to implement a CERCLA-protective remedy for the Site.Provide SPS with the opportunity to consolidate its land position at Yerington with the possible conversion of certain Bureau of Land Management (\"BLM\") mining claims into private land transferred to SPS at nominal cost without attached liability for previous mining activity.Dovetail with more comprehensive plans by government agencies to transfer oversight of the Yerington mine site from federal to state jurisdiction under the Nevada Division of Environmental Protection (\"NDEP\").Assist in creating a simpler path for mine cleanup and development by way of private land ownership and state over...