The Conversation (0)
Aug. 22, 2011 11:50AM PST
Calibre Mining Corp. (CVE:CXB) reports that it has executed an option agreement with Alder Resources Ltd. (CVE:ALR) with respect to the Roista D Concession, Nicaragua.
The press release is quoted as saying:
Under the terms of the option agreement, Alder can earn a 65% interest in the Rosita D concession by expending a total of CDN$4.0 million on exploration and other work on the Property and by issuing to Calibre a total of 1,000,000 common shares of Alder over a 4 year period. Alder will be acting as the project operator for all work conducted on the Property during the option period with the first year exploration commitment being CDN$500,000. Upon Alder earning a 65% interest in the Property a joint venture will be formed with Calibre and Alder being responsible for their pro-rata share of all subsequent project expenditures. The option agreement is subject to a 45 day due diligence period by Alder from the date of execution of the agreement.
Calibre’s President and CEO, Edward Farrauto says:
“We are very pleased to have Alder as a partner to continue exploration of the Rosita D concession including the formerly producing Santa Rita open pit copper-gold mine. With Alder advancing the Rosita area targets Calibre will focus on the resource delineation drill program at the Company’s 100% owned Riscos de Oro gold-silver project and the trenching and drilling program at the Primavera gold-copper prospect in conjunction with B2 Gold.”
Click here to access the entire news release.
