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Quaterra Closes Last of Two Sales of Water Rights in Yerington, Nevada, for $673,128
Vancouver, British Columbia--(Newsfile Corp. - July 28, 2020) - Quaterra Resources Inc. (TSXV:...
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[{"type":"text","content":"Quaterra Closes Last of Two Sales of Water Rights in Yerington, Nevada, for $673,128Vancouver, British Columbia--(Newsfile Corp. - July 28, 2020) - Quaterra Resources Inc. (TSXV: QTA) (OTCQB: QTRRF) today announced its wholly-owned subsidiary Singatse Peak Services LLC (\"SPS\") has closed the second of two sales of certain primary ground water rights associated with its copper property in Yerington, Nevada, for $673,128. Together with an earlier announced sale total proceeds from the two sales amount to a total of $1.87 million.On December 19, 2019, SPS announced it had entered into two separate purchase and sale agreements to sell certain primary ground water rights to Desert Pearl Farms, LLC and Desert Hills Dairy, LLC, two unrelated limited liability companies based in Yerington. The first sale for $1.19 million closed earlier this month. (All amounts quoted are in U.S. dollars.)Following these transactions, SPS will retain approximately 6,000 acre-feet per year of primary ground water permitted for mining on its 51-square-mile Yerington property. The 2012 Preliminary Economic Assessment at MacArthur estimated water consumption of 2,590 acre-feet per year for a 41,000 ton a day oxide mine at the property's MacArthur deposit. Quaterra estimates that 3,100 acre-feet of water is required to mine and operate a 50,000 ton a day sulfide mine on the property. Based on the price set in in these recent sales, the Company's remaining primary ground water rights may be valued at about $18.5 million. In addition to SPS's primary ground water rights, the company also has decree, supplemental and storage water rights associated with options it holds on private land over the property's Bear deposit.Funds from the sale will be used to progress the Company's MacArthur copper project, assess exploration opportunities and for general corporate purposes.The sale of water rights is non-dilutive to shareholders.About Quaterra Resources Inc.Quaterra Resources Inc. (TSXV: QTA) (OTCQB: QTRRF) is a copper exploration and development company with the primary objective of advancing its U.S. subsidiary's copper projects in the Yerington District, Nevada. Quaterra also has the right to earn a 90% interest in the Groundhog copper-gold prospect, a 54,880-acre property situated on an established copper-gold porphyry belt 200 miles southwest of Anchorage, Al...