NGEx Resources Inc. (TSX:NGQ) (NASDAQ OMX:NGQ) is pleased to announce that it has acquired the 40% interest in the Josemaría project held by its partner Japan Oil, Gas, and Metals National Corporation. Pursuant to the terms of the agreement, the consideration is payable in three installments: US$3.0 million payable immediately, US$5.0 million upon a development decision being made, and US$13.0 million upon the commencement of commercial production from the Property for total cash consideration of US$21.0 million. In addition, the agreement grants JOGMEC an option to purchase up to 40% of the material produced from any mine on the Property based on the prevailing market price for the material. As a result of entering into the agreement, NGEx now holds a 100% interest in the Josemaría project.
Commenting on the transaction, Wojtek Wodzicki, President and CEO remarked, “We are very pleased to increase our interest in Josemaría and are excited about the development flexibility that comes with full ownership. We would like to thank JOGMEC for their support through many years of successful exploration, and look forward to opportunities to work with them again in the future. It has been an excellent partnership.”
Josemaria is a copper-gold porphyry deposit located in San Juan Province, Argentina. At a 0.2% copper equivalent (CuEq) cutoff grade, Josemaria has an Indicated Resource of 1.07 billion tonnes of 0.44% Cu Eq (0.31% copper, 0.22 g/t gold and 1 g/t silver) containing 7.4 billion pounds of copper, 7.4 million ounces of gold, and 34.5 million ounces of silver. Included in the above Indicated resource is a near surface high grade zone defined by a 0.6% CuEq cutoff grade which contains 148 million tonnes of 0.76% CuEq (0.56% copper; 0.38 g/t gold and 1.5 g/t silver).
NGEx is a Canadian mineral exploration company with exploration projects in Chile and Argentina. The Company’s shares are listed on the TSX and on Nasdaq Stockholm under the symbol “NGQ”. The Company’s focus is on advancing the development of its two large copper-gold deposits, Los Helados and Josemaría, located in Chile’s Region III and adjacent San Juan Province, Argentina. The Company owns a 100% interest in the Josemaria project and is the majority partner and operator for the Los Helados project. Los Helados is subject to a Joint Exploration Agreements with its joint exploration partner in Chile, Pan Pacific Copper (“PPC”).
Technical disclosure for the Josemaria Project included in this press release, has been reviewed and approved by Bob Carmichael, P. Eng. (BC). Mr. Carmichael is NGEx’s Vice-President of Exploration and a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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