Blackheath Resources Inc. (TSXV:BHR,FWB:04B) announced that the Company has signed definitive agreements for the Borralha and Bejanca Tungsten Projects. They have options to acquire a 100% interest in each of the projects. Both past-producing mines possess potential for development of additional tungsten and tin resources; exploration plans are underway.
As quoted in the press release:
Under the Agreements, Blackheath will undertake to fulfill the terms of each Concession, including staged minimum exploration expenditures at Borralha totalling EUR980,000 over five years, and staged minimum exploration expenditures at Bejanca totalling EUR650,000 over five years. Under each agreement, Blackheath will pay Mineralia EUR25,000 upon execution of this definitive agreement, a further EUR100,000 upon the grant of a preliminary exploitation licence and a further EUR1 million upon mine production and the grant of a final exploitation licence, at which time Blackheath will hold a 100% interest in the project with no further obligations to Mineralia.
Blackheath President & CEO, James Robertson said:
We are very pleased to confirm the addition of the historic Borralha and Bejanca mines to our Portuguese tungsten portfolio under terms that are very favourable to our shareholders. We expect to commence a preliminary drilling program on both projects at an early date following data compilation and review.