05.06.15 - 13:54 Uhr
For Immediate Release
Eloro Resources Ltd. and Tartisan Resources Corp. amend Option Agreement to Increase
Eloros Earn-In to 60% of the La Victoria Polymetallic Project, Peru
Toronto, Canada, June 5, 2015 - Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q; "Eloro")
and Tartisan Resources Corp. (CSE:TTC; "Tartisan") are pleased to announce that
they have amended the terms of the option and joint venture agreement (the "Agreement"),
whereby Eloro has been granted the right to acquire an additional 10% in the option
to now earn a 60% interest in the royalty-free La Victoria Polymetallic Project,
Ancash, Peru, wholly-owned by Tartisan.
The consideration for the additional 10% earn-in interest is the payment of CDN$120,000
to Tartisan, payable in two instalments; CDN$75,000 upon signing (paid) and CDN$45,000
payable on or before September 1, 2015.
The Agreement now states that Eloro can earn a 60% interest in the La Victoria Polymetallic
Project with CDN$1,500,000 in exploration expenditures, including CDN$250,000 by
January 2016 and the remainder by January 2019, as well as the payment of CDN$270,000
in cash, of which CDN$175,000 has been paid to date.
Pursuant to the amended terms of the Agreement, Eloro has also now been designated
Operator for the earn-in phase of the option period, as well as the joint venture
phase, upon Eloro completing its earn-in obligations.
"This additional earn-in option interest underlies our confidence that the La Victoria
Polymetallic Project is one of discovery merit", said Eloro Chairman and C.E.O.
Mr. Tom Larsen, "and we look forward to commencing our drill program as soon as
A detailed program of geological mapping, mechanized trenching, and diamond drilling
is planned for 2015 on the La Victoria Polymetallic Project once the Declaración
de Impacto Ambiental ("DIA") project environmental permit has been approved by
the Peruvian Ministry of the Environment.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and
base-metal properties in northern and western Quebec. Eloro has been granted an
option to acquire a 60% interest in La Victoria property, located in the North-Central
Mineral Belt of Peru. The La Victoria Property is free of royalties and consists
of two adjacent, but not contiguous, properties totalling nine mining concessions
encompassing approximately 35 square kilometres. The La Victoria Property is within
50 kilometres of several producing mines, with three producers visible from the
property which has good infrastructure with road-access and nearby sources of water
For further information please contact Jorge Estepa, Vice-President at (416) 868-9168.
Information in this news release may contain forward-looking information. Statements
containing forward-looking information express, as at the date of this news release,
the Companys plans, estimates, forecasts, projections, expectations and beliefs
as to future events or results, and are believed to be reasonable, based on information
currently available to the Company. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Readers should not
place undue reliance on forward-looking information.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined
in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy
of this release.
Forward this email
This email was sent to by .
Update Profile/Email Address
Instant removal with SafeUnsubscribe(TM)
Eloro Resources Ltd. | 20 Adelaide Street East | Suite 200 | Toronto | ON | M5C 2T6 | Canada
Products & Services | Jobs