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Orex Signs Agreement to Acquire the San Luis del Cordero Silver-Copper-Zinc Project in Durango, Mexico
Orex Signs Agreement to Acquire the San Luis del Cordero Silver-Copper-Zinc Project in Dur...
About this update from Orex Minerals Inc.
[{"type":"text","content":"\n\n\n\nOrex Signs Agreement to Acquire the San Luis del Cordero Silver-Copper-Zinc Project in Durango, 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, Jan. 26, 2018\n\n\n\nVANCOUVER, Jan. 26, 2018 /CNW/ - Orex Minerals Inc. -- (TSX-V: REX -- OTCQX: ORMNF) (\"Orex\") is pleased to announce that it has entered into an option agreement (the \"Agreement\") with Exploraciones del Altiplano, S.A. de C.V. (\"Altiplano\") to acquire (the \"Transaction\") a 100% interest in the San Luis del Cordero Project in Durango, Mexico (the \"Property\"). Orex previously issued a press release announcing the signing of a letter of intent with respect to the Transaction on December 4, 2017. The Property is a skarn and epithermal vein hosted silver-copper-zinc district, located 155 kilometres northeast of the City of Durango, Mexico.\n\n\n \n \n\n \nOrex's President, Gary Cope says, \"We look forward to conducting a new exploration program on this promising silver-copper-zinc project in the prolific Silver Trend of north-central Mexico. This is another key step in the revitalization of Orex.\"\n\nTerms of the AgreementThe Agreement, among other things, provides that Orex is required to make the following annual cash and share payments to Altiplano in order to exercise its option to acquire the Property:\n\n\nOn signing the Agreement - Issue 100,000 Orex common shares (\"Orex Shares\") and pay US$100,000.\nOn the first anniversary - Issue 200,000 Orex Shares and pay US$150,000.\nOn the second anniversary - Issue 300,000 Orex Shares and pay US$200,000.\nOn the third anniversary - Issue 400,000 Orex Shares and pay US$550,000.\nOn the fourth anniversary - Pay US$1.5 million (of which 30% can be issued in Orex Shares). \n\nIn order to acquire the Property, Orex will also have to satisfy work commitments on the Property for the first two years of US$400,000 in Year 1 and US$600,000 in Year 2. \n\nProject Description\n\nThe Property has undergone several phases of exploration, with multiple targets yet to be explored. Mineral concessions cover 2,825 hectare...