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Antofagasta Signs Agreement with Evrim for Ball Creek Project
Vancouver, British Columbia--(Newsfile Corp. - February 7, 2017) - Evrim Resources Corp. (TSXV...
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[{"type":"text","content":"\nAntofagasta Signs Agreement with Evrim for Ball Creek ProjectVancouver, British Columbia--(Newsfile Corp. - February 7, 2017) - Evrim Resources Corp. (TSXV: EVM) (\"Evrim\" or the \"Company\") is pleased to announce it has signed an Exclusivity Agreement (the \"Agreement\") with a wholly-owned subsidiary of Antofagasta plc (\"Antofagasta\") on the Ball Creek property in British Columbia. Antofagasta will have the exclusive right to complete due diligence and negotiate a definitive agreement (the \"Definitive Agreement\") to acquire up to a 70% interest in the Ball Creek property by spending up to US$31 million. \"Ball Creek is a large land package in the Golden Triangle that carries significant district scale exploration potential for gold rich copper porphyry targets,\" commented Evrim's CEO Paddy Nicol, \"Our exploration work over the past two summers coupled with previous data sets demonstrate the potential for multiple discoveries at Ball Creek. We look forward to completing the definitive agreement with Antofagasta this spring and commencing exploration at Ball Creek this summer.\" Evrim acknowledges that Ball Creek is situated in the traditional territory of the Tahltan Nation and is committed to developing a positive and mutually beneficial relationship based on respect and transparency. Under the terms of the Agreement, Antofagasta will conduct due diligence and may provide funding for planning activities up to the signing of a Definitive Agreement, which is expected to be completed on or before April 15, 2017. Upon the execution of the Definitive Agreement, Antofagasta will take an option to acquire up to a 70% interest in Ball Creek by spending US$31 million over a thirteen year period, with a minimum commitment of US$300,000 in 2017. Upon the execution of the Definitive Agreement Antofagasta can earn an initial 51% interest (\"Initial Interest\") by spending US$6 million over a six year period. Once Antofagasta has earned its Initial Interest, it may elect to earn an additional 19% interest (\"Additional Interest\") by spending either US$25 million or completing a prefeasibility study (with expenditures capped at US$25 million), over a seven year period. If Antofagasta elects not to earn the Additional Interest, it will transfer a 1.01% interest to Evrim in exchange for a 0.25% NSR, and Evrim will regain a controlli...