Business
Evrim Options Ermitaño Property to SilverCrest Mines
Vancouver, British Columbia--(Newsfile Corp. - January 14, 2014) - Evrim Resources Corp. (TSXV...
About this update from Orogen Royalties Incorporation
[{"type":"text","content":"Evrim Options Ermitaño Property to SilverCrest MinesVancouver, British Columbia--(Newsfile Corp. - January 14, 2014) - Evrim Resources Corp. (TSXV: EVM) (\"Evrim\" or the \"Company\") is pleased to announce it has signed a five year option agreement (the \"Agreement\") with SilverCrest Mines Inc. (TSXV: SVL) (NYSE MKT: SVLC) (\"SilverCrest\") whereby SilverCrest can acquire a 100% interest in the Company's Ermitaño Property in the State of Sonora, Mexico, adjacent to SilverCrest's mine operations at Santa Elena.Paddy Nicol, President and CEO of Evrim commented \"The Ermitaño Property offers SilverCrest the means to fast track the potential discovery of additional resources in the vicinity of the producing Santa Elena Mine. This transaction aligns Evrim's initiatives with securing quality partners with financial strength to complete exploration work, and also satisfies the Company's desire for potential future cash flow.\"SilverCrest can earn a 100% interest in the Ermitaño Property by paying US$75,000 upon signing the Agreement (paid) and US$50,000 each anniversary thereafter, completing a minimum of US$500,000 in exploration expenditures in the first year, and delivering a Production Notice specifying mine and construction plans with accompanying permits. Upon vesting, SilverCrest will no longer be required to make the annual payments and Evrim will retain a 2% Net Smelter Royalty (\"NSR\").About the Ermitaño PropertyThe Ermitaño Property consists of two concessions (I and II) totaling 165 square kilometres of contiguous mineral tenure located approximately 145 kilometres from Hermosillo and immediately adjacent to SilverCrest's Santa Elena Mine in Sonora, Mexico. Access to the property is by paved highway and secondary roads. Ermitaño I and II are held 100% by Evrim's Mexican subsidiary subject to an underlying third party NSR of 2%. The Ermitaño I and II concessions are located along the same trend of mineralization currently being exploited at the Santa Elena Mine. The concessions host the same early Tertiary andesite and rhyolite volcanic rocks with major structures that host the Santa Elena silver and gold low sulphidation epithermal mineralization. Prospecting of Ermitaño I and II by Evrim has discovered a zone with evidence of low sulphidation epithermal veining with a strike ...