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Quaterra Resources (TSXV:QTA) announced it has agreed a deal with its joint-venture partner Blackberry Ventures I to sell its 50 percent interest in the Nieves silver property for USD $4 million. Quaterra will receive four payments over 15 months of US$1.0 million each, with each payment earning Blackberry an additional 12.5% interest in the project.
All costs for maintaining and exploring the property will be the sole responsibility of Blackberry, with no dilution to Quaterra, through the end of 2015 or until Blackberry completes the acquisition, whichever is earlier. Upon closing, Blackberry will become the operator of the Nieves project. In the event that Blackberry subsequently sells the project, Quaterra will receive 5% of the future net sale price. In addition, Quaterra has agreed to transfer its Americas claims in Durango State, Mexico, adjacent to Hecla Mining’s San Sebastian project, into the joint venture.
Steven Dischler, CEO of Quaterra, said:
In this current environment of scarce capital and depressed metal prices management believes it is better to sell Nieves and have the money available to support our efforts in the Yerington copper district, which remains the core focus of Quaterra’s activities. It’s about choices and putting the Company in the best position to succeed.
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