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Antofagasta signs Definitive Agreement with Evrim for Ball Creek Project
Vancouver, British Columbia--(Newsfile Corp. - May 15, 2017) - Evrim Resources Corp. (TSXV: EV...
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[{"type":"text","content":"Antofagasta signs Definitive Agreement with Evrim for Ball Creek ProjectVancouver, British Columbia--(Newsfile Corp. - May 15, 2017) - Evrim Resources Corp. (TSXV: EVM) (\"Evrim\" or the \"Company\") is pleased to announce that further to its news release of February 7, 2017, the Company has signed a Definitive Agreement (the \"Agreement\") with a wholly-owned subsidiary of Antofagasta Plc (\"Antofagasta\") in respect of the Ball Creek property in northwestern British Columbia. Antofagasta will have the exclusive right to earn up to a 70% interest in the Ball Creek property by spending up to an aggregate of US$31 million or delivering a prefeasibility study on the Ball Creek property. \"Ball Creek carries significant district-scale exploration potential for gold-rich copper porphyry deposits and we are excited to start work this summer with Antofagasta\", commented Evrim's CEO Paddy Nicol, \"Exploration plans include work on the four known porphyry systems as well as regional exploration elsewhere on the project. We expect the program to commence in July, 2017.\" 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 can earn an initial 51% interest (\"Initial Interest\") by spending US$6 million over a six year period. Antofagasta has committed to spending US$300,000 as a firm commitment, during the first year of the Agreement. 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 controlling interest in the Ball Creek property. Evrim will be the operator on the Ball Creek property during the Initial Interest phase. About the Ball Creek ProjectThe Ball Creek Project is a large, 524 square kilometre copper-gold porphyry and epithermal gold-silver project located in northwest British Columbia's Golden Triangle, located only eight kilometres west of Highway 37 and the 287 ...