Resumen: Rio Cristal Resources (RCZ) anunció hoy que ha llegado a un acuerdo con MMR Exploration MMRE), empresa subsidiaria de Minmetal Resources, para formar una empresa conjunta, en la que MMRE tiene la posibilidad de adquirir hasta 70% de Cerro La Mina, empresa subsidiaria peruana, a través de un proceso de pagos por un total $10 millones, más la realización de un estudio de viabilidad sobre el proyecto de zinc Bongará, a lo largo de 8 años.
La empresa Cerro La Mina se encuentra explorando las 18,000 ha. del proyecto Bongará al norte del Perú. En febrero de este año, la compañía anunció resultados operativos respecto a yacimientos de zinc.
Rio Cristal Announces Agreement in Principle for Joint Venture
VANCOUVER, BRITISH COLUMBIA and LIMA, PERU--(Marketwire - Aug. 9, 2012) - Rio Cristal Resources Corporation (TSX VENTURE:RCZ)(BVL:RCZ) ("Rio Cristal" or the "Company") announced today that it has reached an agreement in principle with MMR Exploration Ltd ("MMRE") to form a joint venture wherein MMRE has the right to earn up to a 70% interest in the Company's Peruvian subsidiary Cerro la Mina S.A. ("CLM") through the staged expenditure of USD$10 million plus the completion of a feasibility study on the Company's Bongará zinc project (Bongará) over 8 years.
MMRE is a subsidiary of Minmetals Resources Limited ("MMR"), a mid-tier global resources company that mines, explores and develops base metal projects in Australia, and around the world. The company is headquartered in Melbourne, Australia and listed on the Hong Kong Stock Exchange. Its ultimate controlling shareholder is China Minmetals Corporation.
CLM is exploring the 18,000 hectare Bongará project in northern Peru and the Company announced a Measured and Indicated zinc resource in February, 2012. Pursuant to the agreement, MMRE can earn a 30% interest in CLM by incurring $3 million in exploration expenditures on Bongará within 18 months of the date of a definitive agreement. MMRE can earn an additional 30% interest in CLM by incurring a further $7 million ($10 million in aggregate) on exploring Bongará within five years of the date of a definitive agreement. To earn the final 10% interest in CLM, MMRE must complete a feasibility study on Bongará within a period of 8 years of the date of a definitive agreement. The agreement is subject to finalization of a binding agreement and conditions including due diligence, regulatory approvals, Minmetals Resources Limited board approval, and any third party consents.
Rio Cristal can maintain a 30% interest in CLM if it contributes its pro rata share of capital once a feasibility study on Bongará is complete. If the Company does not contribute its share of capital, it will be diluted to 10% at which time the Company must either commence contributing its share of capital or MMRE will loan the necessary funds to be repaid (plus interest at a rate of LIBOR plus 4%) from future cash flow from the project in the form of dividends from CLM.
In accordance with the policies of TSX Venture Exchange, the Company intends to seek shareholder approval of the agreement with MMRE.
Thomas Findley, President & CEO of Rio Cristal said "We are very pleased to have come to an agreement in principle with a world class company like MMRE to accelerate and expand the exploration of our Bongará zinc project. They bring both financial and technical resources that we need in order to develop a large project having significant potential for hosting MVT zinc sulfide deposits such as Bongará."
"The Company's Board of Directors strongly recommends shareholder approval of the transaction which provides a strong partner and excellent potential for increased RCR shareholder value. When we finalize the transaction, the Company's focus will be on both the CLM joint venture project with MMRE and on identification of new exploration opportunities which we can develop as Rio Cristal Resources Corp."
An advisory fee in respect of the transaction with MMRE may be payable upon the exercise by MMRE of the option at each stage. Such fee would be payable by the Company and be approximately 6% of the amount invested in CLM by MMRE, which may be made in shares or warrants, subject to acceptance of the TSX Venture Exchange.
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