Quaterra Closes Sale of Certain Yerington, Nevada, Water Rig
ORIGINAL: Quaterra Closes Sale of Certain Yerington, Nevada, Water Rights for $6.02 Million 2019-03-03 09:01 ET - News Release Vancouver, British Columbia--(Newsfile Corp. - March 3, 2019) - Quaterra Resources Inc. (TSXV: QTA) (OTCQB: QTRRF) today announced its wholly-owned subsidiary Singatse Peak Services LLC ("SPS") has closed the previously announced sale of certain primary ground water rights associated with its copper property in Yerington, Nevada, for $6.02 million. SPS entered into a purchase and sale agreement on September 13 last year with a Yerington-based company involved in agriculture in the district, to sell water rights for $6.26 million (see press release dated September 17, 2018). The final value of the sale was $6.02 million after adjusting for a small correction to one of the original permits. (All amounts are in U.S. dollars.) SPS retains about 6,700 acre-feet per year of primary ground water permitted for mining and milling on its 51-square-mile Yerington property. The 2012 Preliminary Economic Assessment at MacArthur estimated water consumption of about 2,590 acre-feet per year for a 41,000 ton a day oxide project at the property's MacArthur deposit. Also, Quaterra estimates that 3,100 acre-feet of water is required to mine and operate a 50,000 ton a day sulfide mill on the property. Based on the price set in today's sale, the Company's remaining primary ground water rights may be valued at about $20 million. In addition, SPS also has substantial decree, supplemental and storage water rights associated with private land that it has under option. Funds from the sale will be used to advance the MacArthur copper project on the Yerington property including work on metallurgical recoveries, resource development and mine plan optimization as part of an ongoing prefeasibility study; de-risk the over-all Yerington property; assess other exploration opportunties; and for general and administrative purposes. The sale of water rights is non-dilutive to shareholders. About Quaterra Resources Inc. Quaterra Resources Inc. (TSXV: QTA) (OTCQB: QTRRF) is a copper exploration company with the objective of advancing its U.S. subsidiary's copper projects in the Yerington District, Nevada. The Company also looks for opportunities to acquire copper projects on reasonable terms that have the potential to host large mineral deposits attractive to major mining companies. On behalf of the Board of Directors, Thomas Patton, Chairman & CEO Quaterra Resources Inc. For more information please contact: Karen Robertson, Corporate Communications, 778-898-0057 Gerald Prosalendis, President and COO, Quaterra Resources Inc., 250-940-3581 Thomas Patton, Chairman & CEO, Quaterra Resources Inc., 604-641-2758 email: info@quaterra.com website: www.quaterra.com