Argentina Being DrilledOur Argentina neighbours announve today that they now have a J/V and plan to spend up to $12 million on drilling...
Marifil sold Allana the three land parcels that make up the K1 Properties that we still own...and plan on doing initial drilling later this year...and our land parcels in Argentina are NOT baked into the share price...for that matter the value of our 600 million tonnes of M+I are not baked into the current share price...
As Shown on Map :/docs/AAA_Map01_528.pdf (map of Argentina Potash Basin)
rtz = (Rio Tinto Claims) = (yellow and tan on map) = Vale/Inco current owner
Bunge = (blue on map) = Vale/Inco current owner paid $850 million for 400 million tons of potash
CVRD = (purple on map) = CVRD current owner
Marifil K1 = ( green on map) sold to Latin American, Latin American bought out by = Allana Potash
Marifi K2 = (south of Pampa de Salado) Oxbox current owner - paid $10 million & now own 1/2 of Oxbox
Marifil K3 = Owned by Marifil - new purchase: location in basin not confirmed
Oxbox Holdings Corp. – Optioned the K-2 potash project in Nequen, Argentina from Marifil Mines Ltd. (MFM-V).
Marifil has identified two potash horizons in its 99,000 hectares in the same basin as Rio Tinto's Rio Colorado potash mine, the Upper Horizon and Lower Horizon. Recent analyses of gamma ray and electric logs from abandoned oil well drill holes on the property have confirmed the presence of a
potash target greater than 200 square kilometres.correlations with each other. YFP Quilimalal X-1 and YFP Pasa Hacha X-1 have defined an area:
(18 kilometers long in a north-south direction and 13 kilometers wide)
Saccharum Energy buying Argentina potash exploration assets
Canada Saccharum Energy Corp, an investment company focused on the resource sector announced on Tuesday that
further to its press releases dated December 21, 2010 and April 4, 2011, it has entered into an arm’s length agreement with Marifil Mines Ltd., a TSX Venture Exchange-listed company.
Under the terms of the Agreement, Saccharum shall purchase all of the outstanding securities of Oxbow Holdings Corp. (“Oxbow”), a subsidiary of Marifil, and enter into a joint venture agreement with Marifil prior to July 15, 2011, such that Saccharum may earn up to a 70% interest in certain of Marifil’s Argentina potash properties, commonly referred to as the K-2, K-3 and K-4 properties (collectively, the “Marifil Properties”) by making certain cash payments, issuing Saccharum common shares (“Saccharum Shares”) and meeting certain exploration expenditures on the Marifil Properties, all as discussed in more details below.
The potash and mining interests in the K-2 property are currently held by Oxbow. Saccharum has agreed to purchase all of the outstanding securities of Oxbow for a total price of US$366,481. Oxbow shareholders may elect to accept either cash or Saccharum Shares at a deemed price of C
.50 per Saccharum Share. In return, Marifil agrees to restructure its underlying agreement with Oxbow such that Saccharum can earn up to a 70% interest in the K-2 property. Saccharum will also appoint John Hite, a Marifil nominee, to its Board of Directors.
Pursuant to the terms of the Agreement, Saccharum has the option to purchase a 70% undivided interest in the Marifil Properties for a period of not less than three years from July 1, 2011 (the “Effective Date”) by meeting the following obligations:
* making an initial cash payment of US$300,000 upon the execution of a definitive joint venture agreement (the “JV Agreement”) with respect to the K-3 and K-4 properties, subject to certain conditions being met, all as more particularly set forth in the Agreement;
* spending a total of US$4,000,000 on potash exploration expenditures on each of the Marifil Properties (for a total of US$12,000,000);