Mirasol and First Quantum Minerals sign Definitive Exploration Option and Joint Venture Agreement for the Rubi Property, Chile

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[{"type":"text","content":"\n\nVANCOUVER, Aug. 27, 2014 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce that on the 14th August, 2014 it signed the definitive Option and Joint Venture Agreement (the \"Definitive Agreement\") with its partner, First Quantum Minerals Ltd. (\"First Quantum\") for the exploration and development of its 100%-owned, 13,659 hectare Rubi Property, located in the El Salvador copper-gold mining district of Region III,  northern Chile (see news release September 18, 2013).\n\nThe Definitive Agreement requires First Quantum to make an exploration expenditure commitment of at least US$1.5 million by the first year anniversary of the signing of this agreement, with a minimum exploration commitment which includes a project-wide magnetic geophysical survey and 3,000 m of core drilling on the Rubi Property.  The Definitive Agreement provides for First Quantum to earn a 55% interest in the Rubi Property upon completion of a US$6.5 million investment in exploration over four years from the date of signing the Definitive Agreement including at least US$1.0 million in annual staged cash payments following the first year. After the initial earn-in, First Quantum's participating interest may be increased to 65% on completing, within an additional two years, a NI 43-101 compliant technical report, including an indicated resource estimate and Preliminary Economic Assessment (PEA) of more than 1.0 million tonnes of contained Cu metal, using a 0.20% cut-off grade.  First Quantum may further increase its interest to 75% by declaring a \"decision to mine\", and will provide mine financing to Mirasol at commercial terms if requested by Mirasol, to include interest calculated at LIBOR+4% and the repayment of Mirasol's proportion of mine finance is to be made from 50% of the cash flow to which it is entitled. \n\nAbout the Rubi Property\n\nThe Rubi Property was identified and staked by Mirasol through its Chilean project generation program (see news releases November 26, 2012 and June 12, 2007).  Rubi is located within the prolific Eocene-Oligocene porphyry belt of northern Chile approximately 16 km south of Codelco's producing El Salvador porphyry copper mine and 12 km west of the historic Potrerillos porphyry copper mine. \n\nFirst Quantum initiated work at Rubi under a binding Letter Agreeme...

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