100% ownership of Pinaya?Correct me if I am wrong here. I read the article and it seems to me that Acero entered into an LOI with Solitare Minerals to give up 75% interest in all their Peru properties.
I think we are being mislead here.
News release from June 22 2009:
Vancouver, B.C.: Acero-MartinExploration Inc. (the “Company”) is pleased to announce that it hasentered into a Letter of Intent (“LOI”) with Solitaire Minerals Corp.(TSX-V: SLT), as announced by Solitaire Minerals Corp. pursuant totheir press release of June 22, 2009.
Pursuant to the terms of the LOI, Solitaire MineralsCorp. (“Solitaire”) will acquire up to a 75% interest in the Company’sPinaya Gold/Copper Deposit located in southern Peru as well as theMinas Lucho Property and the La Mamita Property for incurringexploration costs totaling US$6,400,000, plus a payment to the Companyof US$2,400,000 on or before December 31, 2012. Pursuant to thistransaction, the Company will retain a 1.5% net smelter royalty. Thefinal LOI will be subject to regulatory approval, and a finaldefinitive agreement.
The Company also wishes to announce that due to itstransaction with Solitaire, it will reduce the number of units offeredpursuant to its June 11, 2009 Press Release, from 40,000,000 Units to10,000,000 Units. The remaining terms of the placement, as announced,remain unchanged in that these units are being offered at $0.05 perunit with each unit consisting of one common share and one sharepurchase warrant, with every two full warrants exercisable for onecommon share at $0.06 per share for a six month period. The proceedsof this private placement will be used for general working capital.There may be a finder’s fee payable in relation to this privateplacement and the same is subject to regulatory approval.
The Company further wishes to announce that Jack Baland Donald Wedman, P. Eng., have joined its Board of Directors,effective immediately, with the resignations of Victor L. McCall andDon Currie. Mr. Bal is the President of Journey Resources Corp. andMr. Wedman is the President of CMC Metals Ltd. Both Messrs. Bal andWedman bring many years of business expertise in public companies,specifically mining companies, to the Company.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
On behalf of the Board:
“Michael C. Scholz”
Michael C. Scholz
Chairman and Director