Key Developments For Geo Minerals Ltd.
Geo Minerals Ltd. (GM.V) (TSX Venture Exchange)
GEO Minerals Ltd. Entered Into Two Separate Option Agreements With Inmet Mining Corporation
GEO Minerals Ltd. announced it has entered into two separate option agreements with Inmet Mining Corporation, to explore the Company's porphyry copper projects located in the Arizona porphyry copper province. Inmet will have the option to earn a 70% interest in the Company's Red Hills property and a 70% interest in the Company's Middle Mountain property by making cumulative cash payments of $675,000 and exploration expenditures of $2,000,000 over five years on each of the Projects. Both option agreements are subject to conditions precedent, including the receipt of any necessary third party approvals. The Projects represent exploration targets that lie within a broad belt of porphyry-copper mineralization that stretches from Globe-Miami (in production by Freeport-McMoRan Copper & Gold, BHP-Billiton, and Quadra Mining) westward through the deposits at Resolution (in development by Rio Tinto-BHP), Ray (in production by ASARCO), and Florence-Poston Butte (undeveloped). The Middle Mountain property covers approximately 7,070 acres and is located in the westernmost foothills of the Tortilla Mountains approximately 16 kilometres southeast of Florence, Arizona.
GEO Minerals Ltd. Acquires Two Additional Copper Porphyry Prospects In Arizona
GEO Minerals Ltd. announced that it has executed a lease option agreement with Bronco Creek Exploration Inc. (BCE) to earn a 100% interest on the Copper Springs and Silver Bell West porphyry copper projects, both located in south central Arizona. The Copper Springs property, located approximately 90 miles east of Phoenix, consists of 216 mining claims and 640 acres of fee land for a total of more than 5,000 acres in the Globe Miami District. Terms for Copper Springs are for Geo to incur $2,750,000 in work expenditures, pay cumulative advanced royalty payments of $505,000, issue a total of 3 million common shares plus issue 1.2 million warrants over the five year term of the agreement. A royalty of 2.5% with a provision to buy back 0.25% for $1.5 million anytime before a feasibility study and a further 0.25% buy back for $3.5 million any time prior to production will apply. Terms for Silver Bell are for Geo to incur $2,000,000 in work expenditures, pay cumulative advanced royalty payments of $505,000, issue a total of 800,000 common shares over the five year term of the agreement as well as grant a royalty of 2.5% with a provision to buy back 0.50% for $1million by the seventh anniversary.
GEO Minerals Ltd. Forms Juturna Geothermal Inc.,
GEO Minerals Ltd. announced it has formed Juturna Geothermal Inc., a wholly owned subsidiary, which is designed to be a holding company for a suite of geothermal assets/prospects the Company has arranged to acquire.
Ialta Industries Declares Dividend for GEO Minerals Ltd.
GEO Minerals Ltd.: Ialta Industries announced that the shareholders will receive a dividend of one common share of the subsidiary for every four common shares of the company owned. The dividend record date to determine the shareholders of Ialta entitled to receive the dividend will be September 30, 2005.
