Vendetta Mining Ltd and Pegmont Mines Limited Execute Definitive Agreement Regarding the Pegmont Pb-Zn-Ag property

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[{"type":"text","content":"Vendetta Mining Ltd and Pegmont Mines Limited Execute Definitive Agreement Regarding the Pegmont Pb-Zn-Ag property(via Thenewswire.ca)\n \n \nVancouver, BC / TNW-ACCESSWIRE / August 11th, 2014 / Vendetta Mining Ltd. (VTT-TSX:V) (the \"Company\" or \"Vendetta\") and Pegmont Mines Ltd. (the \"Vendor\") have executed definitive agreements for the previously announced option deal on the Pegmont Lead-Zinc-Silver deposit, in Queensland, Australia.\n\n \n \nThe Pegmont lead-zinc-silver deposit is located 25 km east of BHP Billiton's world class Cannington silver-lead-zinc mine and 28 km north of Chinova Resources' Osborne copper-gold mine. It is proximate to existing infrastructure that includes roads, railhead and natural gas for power generation. Discovered in 1971, shallow drilling has defined historic resources that the Company, in concert with AMC Consultants, has been working to bring into CIM and NI 43-101 compliance. In addition, numerous untested targets defined by drilling, geophysical and geochemical methods remain to be explored.\n\n \n \nUpdates on the option and finance terms follow below. \n\n \n \nOption Terms (all dollar amounts are in Australian dollars)\n\n \n \nThe Company has been granted an option to acquire 100% of the Pegmont property comprising three mining leases and two exploration tenements, by a combination of cash payments, exploration commitments and advanced royalty payments. \n\n \n \nCash option payments totaling $3 million are as follows: $250,000 within 2 days of approval of the TSX Venture Exchange (the \"TSXV\") of the transaction; $250,000 on the 12 month anniversary; $500,000 on the 24 month anniversary; $750,000 on the 36 month anniversary; and finally $1,250,000 on the 48 month anniversary. In addition, the Company has agreed to reimburse Pegmont for $350,000 of exploration expenses that they have incurred during the year. These expenditures will be applied to the overall expenditure requirements.\n\n \n \nExploration expenditures for the property comprise a minimum of $800,000/year or meeting minimum requirements by the State of Queensland (whichever is greater) by August 10th of each year during the first 3 years of the option for a minimum commitment of $2.4 million. A minimum 17,000 m of drilling must be completed within a 42 month period commencing the day of TSXV approval of the transacti...

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