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Liberty Silver Corp. (TSX:LSL) announced the acquision of Primus Resources, L.C.’s Hi Ho property, the acreage adjacent to its Trinity property in Nevada, allowing the company to expand its Trinity Land package.
Liberty Silver Corp. (TSX:LSL) announced the acquision of Primus Resources, L.C.’s Hi Ho property, the acreage adjacent to its Trinity property in Nevada, allowing the company to expand its Trinity Land package.
As quoted in the press release:
Under the terms of the Agreement, Liberty Silver will provide cash consideration of US$150,000 and issue 3,000,000 common shares of Liberty Silver stock to Primus. In addition, Primus will be granted a 2% net smelter royalty (“NSR”) on future production from the Hi Ho Properties. The total consideration for the acquisition of the Hi Ho Properties will be applied to Liberty Silver’s expenditure commitment under its earn-in agreement with Renaissance, upon acceptance by Renaissance, pursuant to the applicable area of interest provisions. With the addition of the Hi Ho Properties payment, Liberty will have contributed in excess of 85% of its required US$5 million expenditure commitment to earn its 70% interest in the project. Pursuant to the terms of its earn-in agreement with Renaissance, the Company has until March 29, 2016 to incur the balance of its expenditure commitment and, in addition, produce a bankable feasibility study in the following year.
Geoff Browne, Chairman and CEO of Liberty, commented:
The Hi Ho Properties are an important addition to our future development plans at Trinity. Historic data, combined with current modeling indicates that the Trinity deposit extends into the Hi Ho Properties, significantly increasing our current resource potential and the projected economics for bringing Trinity back into production.
Click here to read the full press release.
