Normabec Secures 100% Ownership of Real de Catorce Mining Concessions and Surface Rights
19 December 2008 - 9:05AM
Marketwired
Normabec Mining Resources Ltd. ("Normabec" or the "Company")(TSX
VENTURE: NMB)(FRANKFURT: N6M) through its wholly-owned Mexican
subsidiary Minera Real Bonanza S.A. de C.V. ("MRB"), is pleased to
announce that it has completed early acquisition from Restauradora
de Las Minas de Catorce ("Restauradora") of the mining concessions
comprising the Real de Catorce Silver Mining District, and has also
secured the surface rights covering the area.
The initial Option Agreement signed in 2006 relating to the
acquisition of a 100% interest in the property required a final
payment of US$450,000 to take place in June 2009. The parties have
therefore agreed to amend the initial agreement whereby Normabec
has agreed to an immediate payment to Restauradora of US$250,000 in
exchange for the immediate transfer of a 100% interest in the
mining concessions comprising the property.
Furthermore, MRB has agreed to acquire from Restauradora the
surface rights forming part of the property, including the
buildings located thereon and covering the location of the previous
mining operations, in consideration for a single payment of US$1.0
million to be made in December 2010. It is anticipated that the
final agreement relating to this acquisition will be executed on or
before March 15, 2009. This particular transaction is subject to,
among other things, Restauradora providing MRB with clean and
uncontested title of property to such surface rights and
buildings.
Finally, Normabec has agreed to pay an additional amount of US
$250,000 for all historic technical and geological information
collected over the area, based on the following payments: US
$50,000 payable on June 10, 2009 and US $200,000 on December 10,
2010. Such payments are not related to the acquisition of the
mining concessions or the agreement to acquire the surface rights
and buildings thereon.
Regarding these developments, President & CEO Robert Ayotte
commented, "we are ecstatic that we have been able to secure 100%
interest in the mining concessions and the surface rights on the
Real de Catorce project area. We believe this give us the
flexibility to advance this project in a timely manner despite the
economic uncertainty that is prevalent currently in the global
marketplace."
In a Press Release dated November 10, 2008 Normabec provided
investors an updated Resources Calculation on the Real de Catorce
Project. The Resource Estimate summary published on that date was
the following:
- Measured and indicated (Veins) 29.6 M oz Ag (248 g/t Ag)
- Measured (Tailings) 4.1 M oz Ag (90 g/t Ag)
-------------
Total 37.7 M oz Ag
- Infered (Veins) 13.1 M oz Ag (220 g/t Ag)
The potential to increase resource tonnage further remains
excellent particularly along the immediate extensions of the past
producing veins. It shall be remembered that drilling so far has
targeted only one vein (see press release issued on November 10,
2008, for more information).
Pierre O'Dowd, Geologist, a designated qualified person as
defined by NI 43-101 of the Canadian Securities Administrators has
reviewed and approved the contents of this press release.
Normabec is a junior mining exploration company with a portfolio
of advanced projects including: the Pitt Gold project in Quebec and
Real de Catorce Silver project in Mexico.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release.
Contacts: Robert Ayotte President 450-441-9177
Normabec Mining Resources Com Npv (TSXV:NMB)
Historical Stock Chart
From Sep 2024 to Oct 2024
Normabec Mining Resources Com Npv (TSXV:NMB)
Historical Stock Chart
From Oct 2023 to Oct 2024