Adventus And South32 Sign Earn-In And Joint Venture Agreement For Exploration Projects In Ireland

Author:Mr Denis Silva
Profession:Gowling WLG
 
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On Jan. 13, 2020, Adventus Mining Corporation (TSXV: ADZN) (OTCQX: ADVZF) announced the execution of an earn-in agreement with South32 Base Metals Ireland Limited, a wholly-owned subsidiary of South32 Limited (ASX: S32) to advance through exploration the Rathkeale, Kingscourt and Fermoy projects in the Limerick Basin in the Republic of Ireland, which are 100%-owned by Adventus through its wholly-owned subsidiary, Adventus Zinc Ireland Limited ("AZIL").

The earn-in agreement grants South32 Base Metals Ireland the right to acquire a 70% interest in the projects at the end of a four year earn-in period by providing sole funding of EUR 3,500,000 in exploration funding to AZIL for approved spending on the projects over a four year period. AZIL will operate the exploration activities during the earn-in period. Once South32 Base Metals Ireland has completed its funding obligations, South32...

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