Definitive Option Agreement Signed at Polimet, Chile
![Definitive Option Agreement Signed at Polimet, Chile](https://www.goldseiten.de/media/goldseiten-news.jpg)
Merlin Marr-Johnson, President and CEO of Fitzroy Minerals commented, "Signing the Definitive Option Agreement on Polimet is a great milestone for Fitzroy Minerals. With gold and copper prices reaching all-time or inter-year highs, it is the perfect time to be consolidating ownership of a high-grade gold-copper asset. I look forward to seeing the results of the geochemical soil surveys and advancing the project to drilling later in the year."
Definitive Option Agreement
The terms of the Polimet Gold-Copper-Silver project are as follows
? Make a cash payment of US$ 30,000* on signing of a definitive option agreement, with a further US$80,000 on the first anniversary thereof;
? Incur exploration expenditures of at least US$2.25 million over a three year period, with no consecutive 12 month period seeing less than US$500,000 of exploration expenditures.
Subject to the requisite investment having been met, Fitzroy Minerals can exercise the Polimet Option by making a US$1.2 million payment to the Vendor in Year Four. In addition, the Vendor is granted a 2% NSR, of which 1% can be purchased by Fitzroy Minerals for US$3 million at any point prior to commercial production. The acquisition of the Polimet Option is an arm's length transaction.
*US$ 50,000 was previously advanced to the Project Vendor under an amendment to the Heads of Agreement.
Update Regarding January Private Placement
The Company announces that the final amount of the non-brokered private placement which closed on January 9, 2024 was reduced to 12,365,000 units for aggregate proceeds of $1,236,500. This is due to a clerical error which resulted in the issuance of 250,000 additional units, which have now been cancelled and returned to treasury.
About Fitzroy Minerals
Fitzroy Minerals is focused on exploring and developing mineral assets with substantial upside potential in the Americas. The Company's current property portfolio includes the Caballos Copper and Polimet Gold-Copper-Silver projects located in Valparaiso, Chile and the Taquetren Gold project located in Rio Negro, Argentina, as well as the Cariboo project in British Columbia, Canada. Fitzroy Minerals' shares are listed on the TSX Venture Exchange under the symbol FTZ and on the OTCQB under the symbol FTZFF.
On behalf of Fitzroy Minerals Inc.
Merlin Marr-Johnson
President and CEO
For further information, please contact:
Merlin Marr-Johnson
mmj@fitzroyminerals.com
+1 604-505-4554
For more information on Fitzroy Minerals, please visit the Company's website: www.fitzroyminerals.com
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