Altiplano Metals Inc (CVE:APN) has announced a definitive new arm's-length option agreement to purchase a 100% interest in the Maria Luisa gold-copper project in Chile.
In order to own the property outright, Altiplano is required to make payments totalling US$2 million over a three-year period.
“These new terms provide the opportunity for Altiplano to acquire 100% of the project and retain 100% of the anticipated profits. Maria Luísa offers a great opportunity to build on our revenue generation model from the development of a high-grade gold/copper historical producer,” Altiplano Metals CEO Alastair McIntyre said in a statement.
“Our next step is to finalize our design review for the underground development and submit our application for permitting,” McIntyre added.
READ: Altiplano Metals advancing copper and gold projects
The staged payment schedule consists of:
- US$200,000, paid in 12 equal monthly payments in the first year
- US$800,000, paid on the first-year anniversary of closing the agreement
- US$500,000, paid on the second-year anniversary of closing the agreement
- US$500,000, paid on the third-year anniversary of closing the agreement
The company noted the new option deal replaces the current revenue sharing agreement on the property, previously announced on August 27, 2020.
Altiplano Metals is focused on the acquisition and development of near-term, cash-flowing assets and exploration projects of significant scale. The Edmonton-based company is looking to grow into a mid-tier producer of copper, gold, and silver with its goal to have three cash-flowing assets by mid/late 2021.
Contact Sean at sean@proactiveinvestors.com