Avalon on the hunt in Ecuador
PERTH (miningweekly.com) – Metals explorer Avalon Minerals has signed a letter of agreement with TSX-V-listed Cornerstone Capital Resources over the Bramaderos project, in Ecuador.
Avalon will earn an initial 51% interest in the mineral rights at the Bramaderos concession by paying $50 000 to Cornerstone subsidiary La Plata Minerales (Plamin) on the execution of a binding agreement, and by spending $1.5-million on exploration within the first year of the agreement, or $1.9-million before the third year of the agreement.
After the first earn-in, Avalon will have a further 90 days in which to elect to earn an additional 19% interest in the property by funding the completion of a feasibility study, and paying the greater of $250 000 or $1/oz of gold equivalent classified as measured and indicated resource, within the feasibility study.
On the second earn-in, Avalon will have the right to acquire an additional 10% in the project area by either providing the full costs to achieve commercial production, or arranging project financing to bring the project into commercial production.
The Bramaderos project covers some 4 949 ha of land in the Loja province, and the project was subject to sporadic exploration between 1970 to 1984, between 2001 and 2002, and between 2004 and 2007.
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