8th Jul 2021 06:41
Orosur Mining Inc - South American gold exploration and development company - Signs pact with Toronto-listed Meridian Mining SE for a joint venture at Ariquemes tin project, Brazil.
"The letter of intent provides the company with an exclusivity period of 90 days to complete due diligence and to finalise a JV over Ariquemes, the broad terms of which have already been discussed between the parties," Orosur adds.
Company could earn 75% stake in Ariquemes by spending USD3 million on project over a four-year period.
Orosur adds: "Both parties will work diligently to complete JV negotiations within the 90 day period and announce full details at that time however given the non-binding nature of the LOI, shareholders should note that there is no guarantee that a binding agreement will be entered into."
Shares fell on Wednesday after rising 83% on Tuesday on back of promising assay results for nine additional diamond drillholes at Anza project in Colombia.
Current stock price: 20.25 pence, down 17% on Wednesday
Year-to-date change: down 22%
By Eric Cunha; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Orosur Mining