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Orex, Canasil and Pan American Sign Letter of Intent to Advance the Exploration in the Sandra Escobar Mining Camp, Durango State, Mexico
Orex, Canasil and Pan American Sign Letter of Intent to Advance the Exploration in the San...
About this update from Orex Minerals Inc.
[{"type":"text","content":"\n\n\n\nOrex, Canasil and Pan American Sign Letter of Intent to Advance the Exploration in the Sandra Escobar Mining Camp, Durango State, Mexico\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Dec. 19, 2017\n\n\n\nVANCOUVER, Dec. 19, 2017 /CNW/ - Orex Minerals Inc. – (TSX.V: REX – OTCQX: ORMNF) (\"Orex\"), is pleased to announce that they have signed a non-binding letter of intent (\"LOI\") with Canasil Resources Inc. – (TSX.V: CLZ) (\"Canasil\") and Pan American Silver Corp. – (TSX: PAAS – NASDAQ: PAAS) through its subsidiary Plata Panamericana SA de CV (\"Pan American\") to advance exploration in the Sandra Escobar Mining Camp, northern Durango State, Mexico.\n\nGary Cope, President of Orex states, \"We are very pleased to bring in a respected and major mining company, as their involvement validates Sandra Escobar and there is still potential for significant upside at the project. We look forward to working closely with both our partners and unlocking future value for our shareholders.\"\n\nThe interests of the parties are currently governed by separate agreements.  Pan American and Canasil entered into an option agreement dated March 24, 2009, pursuant to which Canasil earned a 40% interest in the Escobar Property with the remaining 60% interest held by Pan American.  On September 15, 2015, Canasil and Orex entered into an option agreement under which Orex completed the required conditions to earn a 55% interest in Canasil's interest in the project such that Orex and Canasil agreed to proceed as a joint venture, of which Orex will have a 55% interest, and Canasil will have the remaining 45% interest (the \"Orex Canasil JV\").\n\nThe obligations of the parties under the LOI are subject to the parties entering into a definitive agreement that reflects the terms of the LOI.  Under the terms of the LOI:\n\n\nThe Orex-Canasil JV will grant to Pan American an undivided 10% interest in the Sandra Property.\nDuring the four years after the effective date of the definitive agreement (the \"Earn-In ...