Vancouver, British Columbia--(Newsfile Corp. - July 27, 2021) - Erin Ventures Inc. (TSXV: EV) (OTCQB: ERVFF) (FSE: EKV1), has received shareholder approval to procced with its strategic partnership with Temas Resources (CSE:TMAS) on its Boron Project in Serbia. As this was the final outstanding condition, following the recent approval by the TSX Venture Exchange, the agreement with Temas Resources is officially approved and becomes immediately binding on both parties.
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For Temas to earn its 50% undivided interest in Erin's Piskanja boran project, Temas must issue 250,000 shares along with 250,000 warrants with a term of 48 months and incur up to €10,500,000 in expenditures. The agreement may be terminated in certain circumstances, including by Erin if certain milestones are not met in accordance with a specified timeline.
Tim Daniels, CEO, stated: "We are very pleased to have received such overwhelming shareholder support for this transaction. We are looking forward to advancing the Piskanja Project as expeditiously as possible, with the ultimate goal of a profitable partnership with Temas."
Michael Dehn, President and CEO, of Temas Resources, added: "With all approvals in place we are excited to be able to move forward on the Piskanja Project. Having a cooperative team between Erin Ventures and Temas Resources with a common goal of success for all stakeholders in the companies and the Property should provide benefits to shareholders, local communities, and several levels of governments. Next steps of the work program with the goal of developing a Preliminary Economic Assessment will be announced in the coming weeks."
Erin, through its wholly-owned subsidiary, Balkan Gold, holds the rights to Piskanja. Piskanja, located in a historical mining region of Serbia, 250 km south of the capital city of Belgrade, has excellent infrastructure including paved roads, rail, electric power, experienced miners, good access to seaport and river transportation. Erin's high-grade Piskanja boron deposit, held by Balkan Gold, its wholly-owned Serbian subsidiary, has a Mineral Resource Estimate with an indicated mineral resource of 7.8 million tonnes averaging 31.0 % boron trioxide (B2O3), and an inferred resource of 3.4 million tonnes averaging 28.6 % boron trioxide (B2O3), calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves (CIM Standards).
Erin's shares are trading at $0.125. For more information, please visit the company's website www.erinventures.com or contact Blake Fallis, General Manager, at 250-384-1999 or email info@erinventures.com.
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