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Terreno Resources Corp. Signs Option Agreements on Salta Projects
Terreno Resources Corp. Signs Option Agreements on Salta Projects
About this update from Terreno Resources Corp.
[{"type":"text","content":"\nTerreno Resources Corp. Signs Option Agreements on Salta Projects\n\n\n Dec. 15, 2010 (Filing Services Canada) -- Terreno Resources Corp. (TNO - TSX Venture), is pleased to announce that it has signed two option agreements with a private Argentinean vendor (the \"Vendor\") to earn 85% of the Socompa and Trigal projects in Salta Province, Argentina. Under the terms of the agreements, Terreno can earn an 85% interest in each project by making staged payments to the Vendor, over 48 months from execution of the agreements, in aggregate amounts of $2,380,000 for Socompa and $1,710,000 for Trigal. Following exercise of the option, Terreno and the Vendor will form a joint venture over the respective projects, with customary terms including dilution rights in the event of a non-participating partner.  Importantly, the options can be maintained by making payments to the Vendor of $380,000 for Socompa and $260,000 for Trigal over the first 30 months. About SocompaThe Socompa project is a porphyry copper-gold target located in western Salta province approximately 70 kms from BHP Billiton's Escondida mine. The project area is 8,679 hectares and hosts a large zone of porphyry alteration (~20 km2) with the main exploration target being an 800 metre long, structurally controlled quartz vein stockwork in potasic alteration.  Terreno intends to commence an initial program of mapping, surface sampling and geophysics early in the New Year with the goal of identifying potential drill targets to be tested in the second quarter of 2011.About TrigalThe Trigal project is a high sulphidation silver-gold system located in north-western Salta province immediately to the north-east of the El Quevar project owned by the Golden Minerals Company. The project area is 1,200 hectares and hosts a large area of acid sulphate alteration (silica alunte) with the main exploration target being high grade structurally controlled mineralization. At Trigal, Terreno intends to commence road building and access work early in the New Year followed by rock chip sampling, trenching and geophysics with the goal of identifying potential drill targets for testing in late 2011.\"Similar to our La Poposa project in San Juan we were attracted to the Socompa and Trigal projects because of their strong alteration signatures and that each has been underexplored t...