Business
Orex Signs Letter of Intent to Acquire the San Luis del Cordero Silver-Copper-Zinc Project in Durango, Mexico
Orex Signs Letter of Intent to Acquire the San Luis del Cordero Silver-Copper-Zinc Project...
About this update from Orex Minerals Inc.
[{"type":"text","content":"\n\n\n\nOrex Signs Letter of Intent 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, Dec. 4, 2017\n\n\n\nVANCOUVER, Dec. 4, 2017 /CNW/ - Orex Minerals Inc. -- (TSX-V: REX -- OTCQX: ORMNF) (\"Orex\"), is pleased to announce that they have signed a Letter of Intent (LOI) with Exploraciones del Altiplano SA de CV (\"Altiplano\") to acquire 100% of the San Luis del Cordero Project in Durango, Mexico. This project is a skarn and epithermal vein hosted silver-copper-zinc district, located 155 kilometres northeast of the City of Durango.\n\nOrex's President, Gary Cope says, \"Acquisition of the Cordero Project gives Orex a third quality asset, with upside exploration potential, in the prolific Silver Trend of north-central Mexico.\"\n\nTerms of the Agreement\n\nThis is a non-binding LOI and we are currently drafting a formal agreement. Terms of the proposed agreement will consist of the following annual phases and payment schedule, with all amounts in $US:\n\nOn signing the agreement = 100,000 shares and $100,000.\n\nOn the first anniversary = 200,000 shares and $150,000.\n\nOn the second anniversary = 300,000 shares and $200,000.\n\nOn the third anniversary = 400,000 shares and $550,000.\n\nOn the fourth anniversary = $1.5 million (of which 30% can be in shares).  Ownership of the property would then be transferred to Orex.\n\nThere will also be work commitments for the first two years of $400,000 in Year 1 and $600,000 in Year 2. There is no residual Net Smelter Return (NSR).\n\nThe Cordero project has undergone several phases of exploration, with multiple targets yet to be explored. Mineral concessions cover 2,825 hectares and include the full extent of the known mineralization. Old mine workings and mineralized showings wrap around a quartz-feldspar-porphyry intrusive. Diamond drilling of 62 holes from the period 2000 to 2016 total approximately 16,400 metres. \n\nAltiplano possesses a Technical Report on a Resource Estimate for the project, compliant with NI4...