Business
Mirasol Options the Rubi Copper Property to First Quantum Minerals Ltd.
VANCOUVER , Sept. 18, 2013 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R)&...
About this update from Mirasol Resources Ltd
[{"type":"text","content":"\n\n\nVANCOUVER, Sept. 18, 2013 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R)  (\"Mirasol\") is pleased to announce that it has signed a binding Letter\n Agreement with First Quantum Minerals Ltd. (\"First Quantum\") (the\n \"Agreement\") for the exploration and development of its 100%-owned,\n 13,659-hectare Rubi Property, located in the historic El Salvador\n copper-gold mining district of Region III, northern Chile.\n\n\nThe Agreement provides for First Quantum to earn a 55% interest in the\n Rubi Property upon completion of a US$6.5 million investment in\n exploration over four years from the date of signing the Agreement, and\n a total of US $1.1 million in staged cash payments.  The Agreement\n provides for exploration expenditure commitment during the first year\n of US$1.5 million, to include a commitment for magnetic survey of the\n claims and 3000m of drilling.  After earn-in, First Quantum's\n participating interest may be increased to 65% on completing a N.I.\n 43-101 compliant resource estimate and PEA (Preliminary Economic\n Assessment) on a minimum size resource of 1 million tonnes of contained\n Cu. First Quantum may further increase its interest to 75% by declaring\n a \"decision to mine\", and will provide mine financing at commercial\n terms if requested by Mirasol. Financing terms include interest\n calculated at LIBOR+4% and repayment of Mirasol's proportional mine\n finance from 50% of cash flow.\n\n\n\"Mirasol's management is pleased to have First Quantum, a highly\n respected metals miner, as our partner for exploring the Rubi\n Property\", said Mirasol's president and CEO, Mary Little.  \"First\n Quantum brings valuable local expertise and capability for future\n project development. We look forward to an exciting and productive\n association with First Quantum in Chile\".\n\n\nAbout the Rubi Project\n\n\nThe Rubi Project was identified and staked by Mirasol through its\n Chilean project generation program (see news releases of November 26,\n 2012 and June 12, 2007). Rubi is located within the premier porphyry\n belt of northern Chile that hosts many world class porphyry copper\n deposits. The Rubi Project is centered within a regional cluster of\n large, gold-bearing porphyry copper deposits (Figure1) including the 3.8 Bt El Salvador and 1Bt Potrerillos districts as wel...