Explorator Chile Completes Acquisition of 100% Interest in the El Espino Copper-Gold Projectadmin
Explorator Resources Inc. announce that Explorator Resources Chile S.A. has completed the last condition, having made a US$7 million cash payment, and now holds a 100% interest in the El Espino Copper-Gold Project in Chile. The payment by Explorator Chile, follows the receipt of the initial payment of US$10 million from Sociedad Punta del Cobre S.A. the 51% shareholder of Explorator Chile, being part of payments due totaling up to US$18.5 million; US$10 million of which has been received; US$7 million of which will be paid to Explorator Chile on or before September 20, 2010, and US$1.5 million in the event and to the extent such amount is required to complete a bank feasibility study of the Company`s properties.
“We are very happy that Explorator Chile now holds a 100% interest in the El Espino project, as well as having El Espino’s development financed to the feasibility stage by SPC, which we regard as a very efficient Chilean copper mining company.” stated David O’Connor, President and CEO of Explorator. “Under the terms of the agreement with SPC, the Company will not need to meet any costs on El Espino until 2011, at which point the project is very likely to have a bankable feasibility study demonstrating a very robust NPV. El Espino is now a solid cornerstone for our company.”