Avrupa Minerals (TSXV:AVU) has signed an option agreement with Lowell Copper Ltd. (TSXV:JDL) for the exploration of the Alvito iron-oxide-copper-gold project in southern Portugal. Under the agreement, Lowell Copper can earn up to 80% interest in the project by incurring total exploration expenditures of US$4.4 million and completing a pre-feasibility study over 8 years.
As quoted in the press release:
Terms of the Agreement
Lowell Copper can earn up to an 80% interest in the project by completing work requirements and issuing common shares to Avrupa as follows:
Year Requirement Common Shares
For Lowell Copper to earn a 51% interest:
1 US$300,000 Exploration Expenditures 50,000
2 US$1,100,000 Exploration Expenditures 50,000
For Lowell Copper to earn a further 14% interest (total of 65% interest):
3 to 5 US$3,000,000 Exploration Expenditures 50,000 each year
For Lowell Copper to earn a further 15% interest (total of 80% interest):
6 to 8 Complete a Pre-Feasibility Study None
Avrupa will be the operator during the first earn-in stage, with active technical oversight and direction from Lowell Copper. The issuance of shares under the Option Agreement is subject to the prior approval of the TSX Venture Exchange.
Avrupa Minerals President & CEO, Paul Kuhn, said:
We are pleased to have attracted a technically strong joint venture partner in Lowell Copper to our Alvito Project. The track records of Mr. David Lowell and other key management and shareholders of the company are impressive and will aid in ensuring that the Alvito project is well-explored.