Arena Minerals Enters Agreement to Sell Interest in El Penon Project

Arena Minerals (TSXV:AN) entered an agreement with Rouge Resources (TSXV:ROU) for the disposition of the Pampas el Peñon gold project in Chile.
As quoted in the press release:

Arena’s interest consists of two option agreements (the “Option Agreements“) with Sociedad Química Y Minera de Chile S.A. (“SQM”). In exchange for transferring its interest in the Option Agreements to Rouge, Arena will receive consideration of 8,650,000 common shares of Rouge. Rouge will also assume all of Arena’s outstanding commitments under the Option Agreements, which include $750,000 in cash payments and an expenditure commitment on the project of $1,830,000, both due by July 27, 2017.

Arena CEO, William Randall, said:

We are very pleased to enter into this transaction with Rouge. The disposition of Arena’s interest in Pampas el Peñon is consistent with Arena’s prospector generator model of leveraging partners’ capital to advance projects while still generating economic benefit for Arena shareholders. This is the fourth transaction Arena has entered into with outside partners. The focus for Arena is the Atacama copper property, and the transaction with Rouge will enhance that focus while creating value.

Click here for the full press release.