Business
Strata Minerals Inc. Acquires Option in Utah Phosphate Project and Appoints New CEO
Vancouver, British Columbia--(Newsfile Corp. - November 13, 2013) - Strata Minerals Inc. (TSXV: ...
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[{"type":"text","content":"\nStrata Minerals Inc. Acquires Option in Utah Phosphate Project and Appoints New CEOVancouver, British Columbia--(Newsfile Corp. - November 13, 2013) - Strata Minerals Inc. (TSXV: SMP) (\"Strata\" or the \"Company\") is pleased to announce the execution of an Option Agreement with Utah Mineral Resources LLC (the \"Optionor\") pursuant to which the Company can earn up to a 80% interest in the Diamond Mountain phosphate project located in the State of Utah, approximately 30 kms north-east of Vernal, Utah (the \"Diamond Mountain Project\"). Strata further announces the appointment of seasoned industry executive, Jason Bahnsen, as President & CEO subject to the Optionor and Strata completing and effecting the Option Agreement. The Diamond Mountain Project is an advanced exploration stage property consisting of approximately 4,000 hectares of Utah State and Federal phosphate exploration rights and applications. Previous phosphate exploration work on the lands was conducted in the 1960-70's by US Steel Corp which outlined phosphate mineralization in two gently dipping seams of phosphoric rock totalling approximately 5 meters in thickness. The mineralized material subcrops to the north and gently dips to the south. The project is adjoining to the west by Simplot Corporation's Vernal phosphate mine and beneficiation complex which reportedly produces at a rate of approximately 1 million tons per annum of concentrated phosrock grading an average of 30% P2O5. Under the terms of the Option Agreement, Strata can earn a 51% interest in the Diamond Mountain Project by paying total cash consideration of US$75,000 and unit consideration of C$100,000 to the Optionor and incurring expenditures of US$1,000,000 in exploration and development on the Diamond Mountain Project on or before a target date of December 15, 2014. Strata can earn a further 29% interest to hold an aggregate share of 80% of the Diamond Mountain Project by incurring a further US$1.5 million in exploration and development expenditures on the Project on or before a target date of December 15, 2015 and paying a further US$100,000 and issuing C$100,000 in shares priced in the context of the market at the time of vesting. The units issuable will consist of common shares and share purchase warrants of the Company, having the same price and the same terms and conditions as the uni...