{"id":3489,"date":"2013-12-09T12:17:15","date_gmt":"2013-12-09T17:17:15","guid":{"rendered":"http:\/\/marimaca.com\/coro-signs-binding-heads-of-agreement-for-san-jorge\/"},"modified":"2020-12-17T08:01:07","modified_gmt":"2020-12-17T13:01:07","slug":"coro-signs-binding-heads-of-agreement-for-san-jorge","status":"publish","type":"post","link":"https:\/\/marimaca.com\/es\/coro-signs-binding-heads-of-agreement-for-san-jorge\/","title":{"rendered":"Coro Signs Binding Heads of Agreement for San Jorge"},"content":{"rendered":"

News Release 13-13<\/strong><\/p>\n

December 9, Marimaca Copper Corp.<\/strong>\u00a0(\u201cCoro\u201d or the \u201cCompany\u201d) (TSX Symbol: COP) is pleased to announce that it has signed a binding Heads of Agreement (\u201cHOA\u201d) with a group comprised of Aterra Investments Ltd. (\u201cAterra\u201d) and Solway Industries Ltd. (\u201cSolway\u201d), (collectively, the \u201cGroup\u201d) for them to have rights to acquire an interest in the Company\u2019s San Jorge project (the \u201cProject\u201d), located in the province of Mendoza, Argentina. The Group has the right to acquire a 70% interest in the Project, with the provision for an early buy-out of Coro\u2019s interest subject to Coro\u2019s retention of a 2.5% Net Smelter Return (\u201cNSR\u201d) on the production of all payable metals from the Project, except gold. Marimaca Copperand the Group will work diligently to structure and execute a Definitive Agreement (\u201cDA\u201d) expeditiously.<\/p>\n

Alan Stephens, President and CEO of Marimaca Coppercommented, \u201cMarimaca Copperhas been seeking a partner for San Jorge for some time and we are very pleased to have now reached agreement with Aterra and Solway for them to acquire a 70% interest in the Project. We firmly believe that the introduction of these two well-funded and experienced companies to the Project will be well received by the provincial and national governments in Argentina and result in its accelerated development. This agreement will allow our shareholders to participate in the future development and operation of San Jorge, either through our 30% interest or by ownership of a valuable NSR.<\/p>\n

We are now fully focused on advancing our Chilean assets, particularly the development of our Berta project, where we recently announced a preliminary agreement with a third party to treat pregnant leach solution at their plant. We also plan to further drill test our exciting El Desesperado project, located in the Chuquicamata district, and we are looking forward to the results of our partner\u2019s work at Payen over the coming months. This year of very difficult market conditions has been one of transition for Coro, and we end it having successfully brought in partners for San Jorge, Berta and Payen, which is a testament to the quality of our projects.\u201d<\/p>\n

Principal Terms of the HOA<\/strong><\/p>\n