Quaterra Enters into Agreement to Sell Certain Yerington Water Rights for US$6.26 Million

Quaterra Resources (TSXV:QTA) has announced its wholly-owned subsidiary Singatse Peak Services has entered into a purchase and sale agreement to sell certain primary ground water rights associated with its copper property in Yerington, Nevada, to Desert Pearl Farms, a Yerington-based company involved in agriculture in the district, for US$6,259,200.

Funds from the sale will be used to progress the company’s MacArthur copper project (also near Yerington), assess exploration opportunities and for general corporate purposes.

As quoted in the press release:

Once the sale has closed, SPS will retain about 6,700 acre-feet per year of primary ground water permitted for mining on its 51-square-mile Yerington property. The 2012 preliminary economic assessment at MacArthur estimated water consumption of about 2,590 acre-feet per year for a 41,000 ton a day oxide project at the property’s MacArthur deposit. Also, Quaterra estimates that 3,100 acre-feet of water is required to mine and operate a 50,000 ton a day sulfide mill on the property. In addition to SPS’s primary ground water rights, Quaterra also has decree, supplemental and storage water rights associated with options it holds on private land over the property’s Bear deposit.

Click here to read the full Quaterra Resources (TSXV:QTA) press release.