Santa Barbara Terminates Agreement to Acquire San They have backed out!
14 minutes ago by Business Wire
Santa Barbara Resources Limited (TSX-V: SBL - "Santa Barbara" or the "Company") has delivered notice to the underlying owners to terminate its option agreement to acquire the San Francisco Project in Chile.
Santa Barbara had the right to acquire, subject to certain option requirements and a royalty, a 100 % interest in the 3,740 hectare San Francisco gold exploration property from Sociedad Legal Minera Pomez VIII Del Campo de Piedra Pomez. (see Santa Barbara's press release December 7, 2010)
The Company evaluated the results of the drill program conducted and announced earlier this year in the geological context of the property and has now decided that the geological concept has been adequately tested and made the decision to terminate the agreement.