Orosur Mining Can Earn 75% Through US$3 Million Outlay
Meridian Mining (TSXV: MNO) has signed a non-binding Letter of Intent with Orosur Mining Inc. on the Ariquemes Tin Exploration Portfolio in Brazil.
Under the LOI Orosur Mining can earn up to a 75% ownership interest in the mining concessions owned by Meridian Mineração Jaburi S.A., a wholly-owned subsidiary of Meridian.
Ariquemes comprises an extensive land package in Brazil’s second largest tin field. Geophysical and geochemical datasets released by the Companhia De Pesquisa De Recursos Minerais highlights highly prospective signatures consistent with the tin-bearing granites within the Ariquemes area.
The company welcomes the engagement with Orosur. Both parties will work to execute a binding option agreement containing mutually agreeable terms and conditions within a 90 day period.
The highlights of the LOI:
- Meridian signs LOI for Joint Venture of its Ariquemes tin portfolio;
- Orosur shall have the exclusive right for a staged earn-in on the in the Ariquemes Project:
- Expenditure of US$1 million for to earn an initial 51% interest over a 24-month period; and
- Expenditure of US$2 million over a subsequent 24-month period for a 75% interest.
Meridian said the LOI will allow it further focus on its Cabaçal project.
For further information please visit: https://meridianmining.co/news/
