New Oroperu Resources Inc (TSX-V:ORO) announced that its wholly-owned Peruvian subsidiary, Aurifera Tres Cruces SA (ATC) has entered into an agreement with Minera Boroo Misquichilca SA (MBM) to acquire the surface land rights on the Tres Cruces property in Peru.
The Tres Cruces gold project currently hosts a mineral resource estimate of 2.47 million ounces of gold at 1.65 grams per ton (g/t) in the indicated category, which includes 630,000 ounces of leachable gold resources.
In December 2006, ATC and MBM entered into a mining assignment agreement for the purpose of MBM's operations on the Tres Cruces property, which ended on September 10, 2021.
READ: New Oroperu Resources receives shareholder approval for its merger with First Light Capital
ATC and MBM have signed agreements for the transfer to ATC and payment to MBM, at book value, of the land surface rights held by MBM over the Tres Cruces property, according to New Oroperu.
ATC is obligated to make payment to MBM and complete the transfers on the earlier of November 4, 2021, and seven business days following the closing of the Arrangement Agreement between First Light Capital Corporation and New Oroperu, the company told shareholders.
New Oroperu added that following the payment and transfer of the surface land rights to ATC, the termination of a May-2002, Share Purchase Option and Joint Participation Agreement between MBM and New Oroperu et al will be executed, and the Tres Cruces drill core will be released to ATC.
In a statement, the Vancouver-based resource company thanked those involved to complete these surface land transfers.
“We look forward to the development of the Tres Cruces project, following the completion of the Arrangement Agreement with First Light Capital Corporation, to be renamed as Anacortes Mining Corporation.”
Earlier this month, New Oroperu received approval from shareholders for its business combination with First Light Capital Corp.
New Oroperu said Anacortes Mining Corporation is well-financed and staffed to continue the advancement of the Tres Cruces project towards feasibility under the guidance of its president, Jim Currie, who will take the reins as CEO at Anacortes.
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