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Esperance Minerals Ltd To Acquire Afro-Asian Resources Pty Ltd

Sunday, 10 Mar 2013 08:28pm EDT 

Esperance Minerals Ltd announced that it has entered into an agreement (Option Agreement), which gives ESM the option to acquire Afro-Asian Resources Pty Ltd (AAR) which is, in turn, entitled to acquire via an earn-in arrangement up to a 100% interest in exploration licenses covering approximately 50,000 Ha (Exploration Licenses) and applications for exploration licenses covering an additional 15,000 Ha (Exploration License Applications) (collectively the Project) located in Amazonas State, Brazil. The Project is owned by Minarax Mineracao Participacoes Ltda (MRX or the Project Owner) a company incorporated in Brazil. AAR has entered into a binding agreement with the Project Owners which entitles AAR to earn up to a 100% interest in the Project under a 3-stage earn-in arrangement (Earn-in Agreement). AAR has already provided funding to the Project of approximately AUD 400,000 over the past six months, the majority of which comprises pre-payments to fund a 500 meter verification drilling program, which has commenced with the second hole being drilled. 

Company Quote

0.0020 +8.70%
29 Jul 2014