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Temas Resources and Erin Ventures Sign Definitive Agreement for the Joint Development of Piskanja Boron Project
VANCOUVER, British Columbia / Jun 17, 2021 / Business Wire / Temas Resources Corp. (CSE: TMAS, OTCQB: TMASF, FSE: 26P) (the “Company” or “Temas Resources”), is
About this update from Temas Resources Corp.
[{"type":"text","content":"VANCOUVER, British Columbia / Jun 17, 2021 / Business Wire / Temas Resources Corp. (CSE: TMAS, OTCQB: TMASF, FSE: 26P) (the “Company” or “Temas Resources”), is pleased to announce that, further to its news release dated December 18, 2020, the Company and Erin Ventures Inc. have now entered into a definitive option and joint venture agreement dated June 16, 2021 (the “ Option Agreement”) for the joint development of Erin Ventures’ Piskanja Borate Project located in Serbia (the “ Piskanja Project”). “We are thrilled to enter into this definitive option agreement with Erin Ventures,” states Michael Dehn, President and CEO of Temas Resources. “At Temas we are looking forward to furthering the development of the Piskanja Boron Property in Serbia along-side Erin Ventures.” Mr. Dehn added, “We have jointly developed a very robust exploration plan and anticipate announcing details in the coming weeks.” Pursuant to the Option Agreement, Temas Resources may earn a 50% interest in the Piskanja Project by (a) issuing to Erin Ventures 250,000 common shares and 250,000 Temas warrants (each exercisable to acquire a common share for a period of 48 months from issuance, at an exercise price equal to the market price of the common shares less the maximum allowable discount pursuant to stock exchange policies) within five business days after the effective date of the Option Agreement, and (b) incurring an aggregate of €10,500,000 in expenditures on the Piskanja Project. The Option Agreement may be terminated in certain circumstances, including by Erin Ventures if certain milestones are not met in accordance with specified timelines. Upon exercise of the option by Temas Resources, a joint venture will be formed and Erin Ventures and Temas Resources will become associated as joint venturers to further advance the Piskanja Project. Boron is an essential mineral and is found in everything from eye drops, mild antiseptics, a supplement for building stronger bones and muscles to boric acid, which is used to toughen and increase heat resistance in Pyrex. About the Piskanja Project Piskanja is Erin Ventures’ wholly owned boron deposit with an indicated mineral resource of 7.8 million tonnes (averaging 31.0% B2O3), and an inferred resource of 3.4 million tonnes (averaging 28.6% B2O3). Calculated in accordance with the Canadian Institute of Mining Definitio...