Tarsis Resources Provides Exploration Update on Erika Property

 Tarsis Resources Ltd. (TSXV:TCC) and its option partner, Osisko Mining Corporation (TSX:OSK), provided an exploration update on the Erika property in Mexico. Exploration commenced in May 2013, which consists of detailed geological mapping and supplemental geochemical sampling.

As quoted in the press release:

The exploration being carried out will consist of detailed geological mapping and supplemental geochemical sampling. This work is designed to identify drill targets that will likely be tested during Q4, 2013.

Under the terms of the option agreement, Osisko must spend $500,000 on exploration at Erika before February 2014 as part of its earn-in commitment.

To earn an initial 51% interest in the Erika project, Osisko must make staged cash payments to Tarsis of $1,000,000 ($50,000 paid to date) and spend $4,000,000 on exploration over four years. Subsequent to their initial earn-in, Osisko may increase their ownership to 75% by completing a feasibility study on the project.

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