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Latest News in Peru / Archive
Mining/Energy | 7 September, 2009 [ 13:06 ]
Peru: MIRL to explore Veca in joint venture with Collingwood
LivinginPeru.com
Isabel Guerra
Minera IRL (MIRL) has announced that a Letter of Intent (LOI) has been signed with Collingwood Peru S.A.C. to form a Joint Venture to explore the Veca Exploration Lease.
MIRL will have an initial participation of 60% of the joint venture, with Collingwood holding the remaining 40%, but as soon as a definitive Agreement and Management Agreement is signed, MIRL will pay Collingwood US$100,000.
All MIRL equity ounces of gold discovered and converted into Proven and Probable Minable Reserves will entail a payment to Collingwood of US$10 per ounce as well as US$0.15 per ounce for silver recovered from a future operation.
“If exploration is successful, Veca could offer an opportunity for a fast-track production development," said Executive Chairman Courtney Chamberlain.
Minera IRL Limited is led by an experienced senior management team with extensive industry experience, and operates the Corihuarmi Gold Mine and the emerging Ollachea Gold Project (Peru).
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
Isabel Guerra
Minera IRL (MIRL) has announced that a Letter of Intent (LOI) has been signed with Collingwood Peru S.A.C. to form a Joint Venture to explore the Veca Exploration Lease. MIRL will have an initial participation of 60% of the joint venture, with Collingwood holding the remaining 40%, but as soon as a definitive Agreement and Management Agreement is signed, MIRL will pay Collingwood US$100,000.
All MIRL equity ounces of gold discovered and converted into Proven and Probable Minable Reserves will entail a payment to Collingwood of US$10 per ounce as well as US$0.15 per ounce for silver recovered from a future operation.
“If exploration is successful, Veca could offer an opportunity for a fast-track production development," said Executive Chairman Courtney Chamberlain.
Minera IRL Limited is led by an experienced senior management team with extensive industry experience, and operates the Corihuarmi Gold Mine and the emerging Ollachea Gold Project (Peru).
Have other topics you'd like to see in our news section? If you or someone you know would like to contribute a news article to Living in Peru, whether it's translated or based on a personal investigation, send it to editor@livinginperu.com.
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