Solomon enters purchase deal on Cascabel
11th Apr 2012
LONDON, April 10 – Australian company Solomon Gold has signed an initial $C8.65M deal with Canadian Cornerstone Capital Resources to buy up to 85% of Cornerstone's 100% owned Cascabel gold-copper-silver property in northern Ecuador.
The Cascabel gold-copper porphyry project is within the Andean western cordillera, host to numerous world class copper-gold deposits through Chile, Peru, Ecuador and Colombia, including the Junin porphyry copper-molybdenum deposit (982Mt at 0.89% copper) and the La Colosa porphyry gold deposit (468Mt at 0.86 g/t gold).
Under the terms of the letter of intent, Solomon can earn an initial 65% by making a series of private placements in Cornerstone totalling $850,000 and spending $US7.8M on exploration over 4 years.
Solomon also has the right to earn an additional 20% by funding further work towards completion of a bankable feasibility study, capped at an expenditure by Solomon of $US20M.
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