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Gentor Signs Two Joint Venture Option Agreements in Northern Turkey & Commences a Review of Strategic Options in Oman

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Gentor Signs Two Joint Venture Option Agreements in Northern Turkey & Commences a Review of Strategic Options in Oman

 

 

 

 

 

 

Gentor Resources Inc. (TSX VENTURE:GNT) through its Turkish subsidiary, has signed two further Joint Venture Option Agreements in northern Turkey.

 

Gentor’s President and CEO Dr. Peter Ruxton commented: “Gentor’s “back to first principles” approach in the search for Cyprus-type VMS deposits in Turkey has resulted in the identification of several surface gossans in distal VMS settings and led to the negotiation of Joint Venture Option Agreements with two local Turkish entities. Our work in formulating preferred exploration target settings and in identifying key prospective geological environments is starting to bear fruit.”

 

TURKEY

 

The First JV Option Agreement

 

An Option Agreement was signed with the first JV partner for a 50% share of three permits in the Boyabat area, with the following terms:

 



--  A US$60,000 cash payment on signature.
--  A minimum expenditure of US$140,000, including at least 1,000 metres of
    drilling, within the option period.
--  Gentor has the right to purchase the VMS rights on the permits for
    US$1,000,000 cash.
--  On expiry of the option period on June 18, 2014, Gentor has the right to
    sole fund and earn a 75% interest by spending US$1.2 million or
    completing a bankable feasibility study.
--  At 75% the JV partner has the right to either contribute or dilute to
    10% and subsequently convert to a 2% NSR royalty.
 

 

 

The Second JV Option Agreement

 

An Option Agreement was signed with a second JV partner for a 50% interest in three additional permits in the Boyabat area, with the following terms:

 



--  A US$60,000 cash payment on signature.
--  A minimum expenditure of US$140,000 over the option period.
--  On expiry of the option period on May 15, 2014, Gentor has the right to
    sole fund and earn a 75% interest by spending US$1.2 million or
    completing a bankable feasibility study.
--  At 75% the JV partner has the right to contribute or dilute to 10% on a
    formula.
--  Below 10% the JV partner has the right to convert to a 2% NSR or be
    carried through the development stage with Gentor recovering all costs
    from first production plus a loan coupon.
 

 

 

Having discovered further VMS mineralisation, but of insufficient size to eventually establish a commercial mining operation at the Hacimeter Project, Gentor has allowed the Besler Option Agreement to expire without continuing to form a Joint Venture.

 

OMAN

 

In light of continued depressed market conditions, Gentor is proposing to undertake a strategic review of its Oman properties over the coming months.

 

Qualified Person

 

Dr. Peter Ruxton, who is a Professional Member of the Institute of Materials, Minerals and Mining (I.M.M.M.), the Company’s President and Chief Executive Officer and a “qualified person” (as such term is defined in Canadian National Instrument 43-101 as promulgated by the Canadian Securities Administrators), has reviewed and approved the technical information in this press release.

 

About Gentor

 

Gentor is a mineral exploration company whose projects include copper and gold properties in the Sultanate of Oman and Turkey. The Company’s strategy is to create shareholder value by developing highly prospective mineral properties around the globe, with current focus in the Sultanate of Oman and Turkey.

 

In Oman, Gentor is partnered with Al Fairuz Mining Company LLC on its Block 5 exploration tenement and Al Zuhra Mining Company LLC on Block 6.

Posted October 7, 2013

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