Hunter Resources PLC Further Revised Terms re. the Pampamali Project (5891J)
08 April 2015 - 6:05PM
UK Regulatory
TIDMHUN
RNS Number : 5891J
Hunter Resources PLC
08 April 2015
8 April 2015
Hunter Resources plc
("Hunter" or the "Company")
(AIM: HUN)
Further Revised Terms of Agreement with the Owner of
Pampamali
Following the Company's announcements on 19 March 2015 and 22
December 2014, the board of Hunter is pleased to announce that it
has completed negotiations of the improved terms to the Joint
Venture agreement with the current owner of the Pampamali Project
(as defined in the announcement of 9 June 2014). Hunter now has the
right to acquire a 51% interest in the Pampamali Project at any
time, but no later than 12 months from the receipt of the DIA (an
environmental impact assessment), for a further reduced payment of
US$90,000 as against US$115,000 (as previously announced on 22
December 2014). In addition, as part of the improved terms Hunter
has agreed to assume certain 2014 tenement costs totaling
US$34,000, previously payable by the current owner. The savings to
Hunter as a result of the improved terms are now circa US$601,000
compared to the amounts outlined in the Company's AIM Admission
Document and announcement of 9 June 2014.
The revised Joint Venture agreement has now been entered
into.
Simon Hunt, Executive Chairman of Hunter, said: "The
finalisation of the revised Joint Venture Agreement with the owner
of Pampamali is an important step for the Company and we are
delighted to have improved the terms on which we can move to a
controlling interest."
For further information, please contact:
Hunter Resources PLC Allenby Capital Limited
Simon Hunt (Nominated Adviser and Broker)
(Chairman) Nick Harriss/Nick Naylor
+44 7733 337 755
www.hunter-resources.com +44 20 3328 5656
www.allenbycapital.com
Description of the Pampamali Project
The Pampamali Project, Hunter's first project, is a high-grade
gold, silver and base metal project in Peru.
Pampamali consists of 36 veins identified from surface outcrops.
The high-grade veins have mapped outcrops of between 100 and 2,000
metres in length, with widths ranging from 0.20 to over 3.00
metres. The Pampamali Project has 8 exploration concessions
covering a total area of 3,500 hectares and is located in central
Peru in the Department of Huancavelica, approximately 550 km by
road from the city of Lima.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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