Resumen: First Quantum Minerals Ltd, bajo los términos de un Memorando de Entendimiento, realizará una inversión estratégica en Zincore, a través de una Colocación Privada por 19,113,874 acciones comunes a $0.20 por acción, y financiará el avance del proyecto Dolores (exploración, desarrollo y producción).
Asimismo, el CEO de Zincore anunció que los fondos también serán destinados al Estudio de PreFactibilidad de su proyecto bandera Accha Zinc Oxide District. Esta sería una alianza estratégica que ayudará a que la compañía tenga mayores recursos para financiar una mejor y más agresiva exploración en el área del proyecto Dolores.
Zincore Announces Strategic Partnership With First Quantum Minerals to Accelerate Work on Copper and Zinc Projects
MAY 8, 2012 - 10:16 ET
VANCOUVER, BRITISH COLUMBIA - Zincore Metals Inc. (TSX:ZNC)(LMA:ZNC) ("Zincore" or the "Company") is pleased to report that it has entered into a strategic partnership with First Quantum Minerals Ltd. (TSX:FM)(LSE:FQM) ("First Quantum") Under the terms of a binding Memorandum of Understanding ("MOU"), First Quantum's wholly-owned subsidiary, FQM (Peru) Ltd will make a strategic investment in Zincore via private placement for 19,113,874 common shares at $0.20 per share (the "Private Placement") and fund the advancement of Zincore's Dolores copper porphyry project through exploration and, if warranted, development and production. The Dolores project is located in the prolific Yauri-Andahuaylas Copper District of southern Peru, approximately 40 kilometres from the Haquira deposit, which First Quantum is currently developing.
Zincore President and CEO, Jorge Benavides, commented "We are absolutely delighted to announce First Quantum as our strategic partner. They are a world-class mining company with great financial strength and specific expertise gained from the project they are developing at Haquira, which is located in close proximity to Dolores. The benefits of this partnership to our shareholders are significant and extend beyond the Dolores project. The funds that First Quantum will invest in Zincore will allow us to more actively pursue the Pre-Feasibility Study for our flagship project, the Accha Zinc Oxide District. At the same time, funds will be available to explore the Dolores area much more aggressively than we could on our own. This will put us in a good position to deliver significant results for both our copper and zinc projects to the market sooner than we could without the help of our new strategic partner. We are operating in a time of difficult capital markets and a strong strategic partner will be able to help us minimize share issuance dilution while still allowing us to achieve important milestones."
Mr. Benavides concluded "In addition to moving our existing projects forward now, working with such a strong partner in the regional exploration of our 50,000 hectare land package, with its prime copper potential location in the Yauri-Andahuaylas copper belt, we also expect to generate exciting new targets as well as advance exploration at our Minasccasa copper-zinc skarn."
- First Quantum to invest C$3.8 million in Zincore via private placement at C$0.20 per share
- Zincore will conduct a regional exploration program on its concessions using a minimum of 60% of these private placement funds, including a minimum of US$1 million in the 12 months following closing of the private placement
- First Quantum will have the right to nominate one representative to Zincore's board of directors
First and Second Earn-Ins: First Quantum commits to spend US$3 million at Dolores within one year of signing a formal agreement (to be signed within 60 days of the date of the MOU) (the "Formal Agreement Date") to earn an unvested 30% interest in Dolores
- 30% interest will vest if First Quantum provides written notice (the "Vesting Notice") within 60 days of the first anniversary of the Formal Agreement Date that it will commit to spend an additional US$5 million (the "Second Earn-In") within 18 months of the Vesting Notice
- Zincore will be the operator until First Quantum has fulfilled the requirements of the Second Earn-In with oversight from First Quantum by way of a technical committee
- Third Earn-In: First Quantum can earn an additional 9.9% in Dolores by producing a NI-43-101 compliant Indicated resource estimate (and associated technical report) of more than one million tonnes of contained copper at a 0.20% cut-off grade within three years following the Vesting Notice
- Fourth Earn-In: First Quantum will have the option to earn an additional 10% of Dolores by providing within four years of the Vesting Notice studies in sufficient detail that under industry customs a fully informed construction decision can be made
- Fifth Earn-In: First Quantum can acquire an additional 10% interest in Dolores provided that commercial production at Dolores commences within 96 months of the Formal Agreement Date. First Quantum will be responsible for funding all costs associated with construction of a mine and bringing the Dolores Area to commercial production including Zincore's share of capital expenditures for construction
Under the terms of the MOU, which is subject to TSX approval, First Quantum can earn up to an 80% interest in Zincore's Dolores project over eight years by achieving specified objectives.
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