Eurasian Minerals Options Alankoy Copper-Gold Project in Turkey

Eurasian Minerals (TSXV:EMX) has signed an exploration and option agreement with Black Sea Copper & Gold Corp. for its Alankoy copper=gold property in Turkey. Black Sea may earn up to a 100 percent interest in the project.
As quoted in the press release:

Commercial Terms. Pursuant to the Agreement, Black Sea has the option to acquire EMX subsidiaries that hold the Alankoy project, with EMX retaining a production royalty of 3% for gold, silver, and other precious metals and 2% for all other minerals produced from the project. To do so, Black Sea is to make payments to EMX and conduct exploration as follows:

• Pay US $25,000 upon signing the Agreement;
• Expend at least US $75,000 on exploration activities on or before the later of June 1, 2016 and the date on which drilling permits have been issued (the “Commencement Date”);
• Conduct at least 1,500 meters of exploration drilling by the first anniversary of the Commencement Date;
• Expend at least an additional US $200,000 on exploration activities by the second anniversary of the Commencement Date;
• Expend at least an aggregate of US $3,000,000 on exploration activities on or before the sixth anniversary of the date of the Agreement; and
• Pay 500 troy ounces of gold (or cash equivalent thereof) upon a decision to develop a mine on the project.

In addition, Black Sea is to make annual deliveries of gold bullion (or cash equivalent thereof) to EMX as AARs, as follows:

• 37.5 troy ounces of gold delivered on the first anniversary of the date of the Agreement (this payment may be made in shares of Black Sea if at that time Black Sea is publicly traded on the TSX Venture Exchange);
• 75 troy ounces of gold delivered on the second and third anniversaries of the date of the Agreement; and
• 100 troy ounces of gold delivered on all subsequent anniversaries until commencement of commercial production.

Click here for the full press release.