I'd rather wait for a positive RNS personally ..... I tend not to believe something just because it's on a web site .... especially one that was created only about 4 weeks ago .... and is full of spelling mistakes ....
The El Abra and Jazmin exploitation concessions are being acquired from a local individual for total cash consideration of US$60,000. The vendor retains a 2% net smelter return royalty in respect of future production on the concessions.
The El Abra concessions cover an area of approximately 18 hectares, and the Jazmin concession extends over approximately 12 hectares.
Also being acquired by the Company (for no further consideration) is an application for an additional exploitation concession adjoining the El Abra concessions and covering approximately 496 hectares. ECR will seek to finalise the grant of this additional concession as soon as possible.
The Company will have the exclusive right to apply for an additional exploitation concession over an area of up to 35 hectares contiguous with the Jazmin concession.
Mineral exploitation concessions in Argentina are granted and administered by provincial governments and can be held indefinitely subject to being kept in good standing with regard to the payment of fees and compliance with minimum work requirements.
About the Sierra de las Minas Area and La Rioja Province
ECRs tenement position in the Sierra de las Minas area extends over approximately 75,000 hectares and contains widespread historic small scale gold mining areas including the El Abra mine.
The Sierra de las Minas area is considered prospective for the discovery of new hydrothermal (mesothermal/epithermal) gold deposits, potentially associated with silver and base metals.
ECRs tenements are accessible by paved interprovincial highways from the cities of Mendoza, San Juan and Cordoba, with local access by paved and unpaved provincial routes.
La Rioja Province is located in the northern central part of Argentina approximately 800km northwest of Buenos Aires. La Rioja has a history of mining and is supportive of further investment in the sector.
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