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Caracara Silver Inc. (TSXV:CSV) announced that they have signed an agreement to allow Inversiones Collodi SAC the right to earn a 65% interest in Caracara’s concessions in Peru.
As quoted in the press release:
Caracara Silver Inc. (TSXV:CSV) announced that they have signed an agreement to allow Inversiones Collodi SAC the right to earn a 65% interest in Caracara’s concessions in Peru.
As quoted in the press release:
Under the terms of the agreement, IC will have the right to earn a 65% interest in Caracara’s concessions by making exploration expenditures totalling US$12.5 million over a four-year period. In addition, IC will make cash payments to Caracara’s wholly-owned affiliate company in Peru, totalling $1.85 million plus VAT taxes. Caracara has received the first $250,000 payment owing.
Caracara’s President and CEO, Nick Tintor said:
This is a tremendous step for Caracara, especially in light of the difficult marketplace for financing mineral exploration. We are bringing together Caracara’s advanced stage silver-lead-zinc projects such as Princesa with IC’s strong financing capabilities and in depth expertise in operating in Peru’s mining industry.
To view the whole press release, click here.
