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Tsodilo Announces Definitive Option Agreement with First Quantum Minerals
Tsodilo Announces Definitive Option Agreement with First Quantum Minerals Toronto, Ontario CA...
About this update from Tsodilo Resources Limited
[{"type":"text","content":"Tsodilo Announces Definitive Option Agreement with First Quantum MineralsTsodilo Announces Definitive Option Agreement with First Quantum Minerals\n\nToronto, Ontario CANADA, November 20, 2013 /FSC/ - Tsodilo Resources Limited (TSD - TSX Venture), (\"Tsodilo\" or the \"Company\"), is pleased to announce that, further to its previously announced memorandum of understanding with First Quantum Minerals Ltd. (TSX:FM)(LSE:FQM) (\"First Quantum\") (see Tsodilo's press release dated April 18, 2013), the Company, its wholly-owned subsidiary Gcwihaba Resources (Pty) Ltd. (\"Gcwihaba\"), First Quantum and First Quantum's wholly-owned subsidiary Faloxia (Proprietary) Limited (\"FQM Subco\") have entered  into a definitive Earn-In Option Agreement (the \"Option Agreement\") pursuant to which First Quantum (which term for the purposes of this press release includes FQM Subco) has acquired the right to earn up to a 70% interest in metals prospecting licences in Botswana granted to Gcwihaba insofar as they cover base, precious and platinum group metals and rare earth minerals by meeting certain funding and other obligations as set forth below. The interests that may be earned by First Quantum specifically exclude any rights to iron held by Gcwihaba.\n\nTsodilo's Chairman and CEO, James M. Bruchs, commented \"We are very pleased to have the Earn-in Option Agreement signed. Although completing it took longer than was originally expected, both companies have been working together in the spirit of the April 17, 2013 original Memorandum of Understanding. This joint venture will allow FQM to aggressively explore for world-class base metal deposits on our licensed areas while enabling Tsodilo to accelerate the evaluation of our Xaudum iron formation project as well as continue our kimberlite exploration.  The involvement of First Quantum will allow us to deliver results from our metals projects to the market sooner than we could have without their efforts.\"\n\nUnder the terms of the Option Agreement, First Quantum can earn either a 51% participating interest or a 70% participating interest in designated projects within the overall license area covered by the Option Agreement (the \"Project Area\") by satisfying the following requirements:\n\n* funding exploration expenditures within the Project Area in the aggregate amount of US$...