The Conversation (0)
MARIFIL MINES LTD. (CVE:MFM) announced that it has signed an agreement with Renholn International, a private company, whereby Renholn has the right to purchase all of the Company’s lithium claims in Salta and Catamarca Provinces, Argentina.
MARIFIL MINES LTD. (TSXV:MFM) announced that it has signed an agreement with Renholn International, a private company, whereby Renholn has the right to purchase all of the Company’s lithium claims in Salta and Catamarca Provinces, Argentina.
The press release is quoted as saying:
Under the terms of the agreement Renholn agrees to pay Marifil $500,000 in cash at a rate of $125,000 on signing the agreement and $125,000 per year for three years. Renholn further agrees to carry out the $2,250,000 minimum exploration programs recommended in the Company’s NI 43-101 reports for these properties at the rate of $500,000 in Year 1; $750,000 in Year 2; and $1,000,000 in Year 3. Marifil shall retain a 3% Net Smelter Royalty.
Click here to access the entire press release