EXMIN Signs Letter of Agreement to Sell Urique Project to Yale Resources
VANCOUVER, BRITISH COLUMBIA, Feb 18, 2009 (MARKET WIRE via COMTEX News Network) --
EXMIN Resources Inc. (EXMIN) (TSX VENTURE: EXM) is pleased to announce that it has signed a Letter of Agreement to sell its Urique project to its joint venture partner, Yale Resources Ltd. (Yale). Yale has agreed to pay US$250,000 and issue 1 million shares to EXMIN. Yale has also agreed to assume responsibility for approximately US$148,000 of project expenditures that EXMIN incurred in the first half of 2008 as project operator at Urique. EXMIN will transfer its 100% owned concessions and three option agreements to Yale, and will retain a production royalty ranging from 0.5% to 2%.
Karl Boltz, Founding President, CEO and Director of the EXMIN, stated, "This is a win-win deal for the companies. EXMIN will be able to pay off amounts owed that are related to operation of last year's drill program as well as those related to the concessions, while keeping an interest in the project and in Yale, and Yale will be able to continue its exploration of the project at its own pace. EXMIN has implemented a cost reduction program to weather the financial crisis, and this is a major step forward."
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