TSXV:EGA.H - Post by User
Post by
eztwo1on Oct 23, 2009 1:39pm
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Post# 16417972
Agreement re: Ouro Roxo royalty....
Agreement re: Ouro Roxo royalty....Someone seems to think this is good, including me. Gross is much, much better than net, obviously, and APM could end up with even more. Next step would seem to be funding for Limao. The "how" may just be coming together as I write. Hopefully the time frame will be sooner than it took for the execution of the royalty agreement.
Anyway, APM is looking much more positive than it did a short time ago.
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Oct 23, 2009 (TheNewswire.ca via COMTEX News Network) --
(via Thenewswire.ca)
Amerix Precious Metals Corporation (TSX Venture: APM, Frankfurt: NJG) announces that the Company has executed a Definitive Agreement with a Brazilian Consortium (the "Consortium") to receive a gross royalty of 2.5% and settle option payments on the southern Ouro Roxo Concessions (See Company's news release dated March 3, 2009).
Under terms of the Definitive Agreement, the Consortium will acquire 100% of the exploration permits containing the southern Ouro Roxo deposits, with Amerix retaining a 2.5% Gross Royalty on all gold production. In addition, the Consortium assumes all outstanding and future gold option payments relating to the southern Ouro Roxo Concessions. The southern Ouro Roxo concessions are subject to an existing underlying 2.0% gross royalty payable to Matapi Mineral Exploration Ltd. ("Matapi"). Amerix has the right to buy-out this underlying 2.0% gross royalty and is currently in negotiations with Matapi concerning this matter.
The Consortium will also pay the annual land taxes of approximately Brazilian Reals $170,000 (~Cdn$103,000) and will be required to submit the final mining report to the Brazilian National Mining Authority to convert the exploration permits to a mining concession in accordance with Brazilian Mining Law.
The Definitive Agreement is subject to final approval by the TSX Venture Exchange.
Amerix will focus on exploring and developing the Limão property.