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Adventus and Salazar announce execution of Ecuador-wide exploration Alliance with the Pijili Project and provide Curipamba Project update
Adventus and Salazar announce execution of Ecuador-wide exploration Alliance with the Piji...
About this update from Salazar Resources Limited
[{"type":"text","content":"\n\n\n\nAdventus and Salazar announce execution of Ecuador-wide exploration Alliance with the Pijili Project and provide Curipamba Project update\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\nTORONTO, March 29, 2018\n\n\n\nTORONTO, March 29, 2018 /CNW/ - Adventus Zinc Corporation (\"Adventus\") (TSX-V: ADZN) and Salazar Resources Limited (\"Salazar\") (TSX-V: SRL, collectively the \"Parties\") are pleased to announce that the Ecuador-wide exploration alliance agreement between Adventus and Salazar, initially announced on September 14, 2017, has been formally executed (the \"Alliance\"). The main business terms of the Alliance are as follows:\n\n\nThe Alliance ownership is 80% Adventus and 20% Salazar in an Ecuadorian Company, which will hold each exploration project up to a construction decision;\nAdventus is to fund all activities in the Alliance up to a construction decision on any project. Once a project reaches a construction decision, a separate joint-venture company will be formed for that individual project with pro-rata funding requirements, and be subject to a standard dilution formula;\nThe Alliance is controlled by the Board of Directors (\"Alliance Board\") consisting of two nominees from Adventus and one nominee from Salazar. A unanimous vote is required in specific business situations;\nExploration activities of the Alliance are to be carried out by Salazar on a cost +10% basis under the supervision and approval of the Alliance Board; and\nSalazar is required to bring all zinc-related (zinc as one of the top two metals) projects preferentially to the Alliance, but can also transfer non-zinc related projects into the Alliance upon agreement of the Parties.\n\n \n \n\n \n\nSince October 2017 and operating under a memorandum of understanding, the Alliance has reviewed 12 exploration projects in Ecuador.  The Parties are pleased to announce the optioning of the first project into the Alliance. It is expected that the Alliance will selectively grow its portfolio of exploration assets in Ecuador with modest spending compared to the ...