Amarium Technologies Inc. (OTC MARKETS: AMMG), through its wholly owned subsidiary Amarium Minerals Inc., released today that the Company has signed a Definitive Agreement (“Agreement”) with Minerales Consolidados S.A. de C.V. (MCSA) to purchase the Jovita Mine and a 40 ton per day (tpd) copper mill. The Jovita Mine is a producing copper concentrate mine operating in Michoacan, a well-known base metals mining region in Mexico.
“We are very pleased to have completed an agreement on Jovita and the copper mill, as this will expose Amarium shareholders to an immediately producing asset with significant upside potential,” said Adam Carter, the President & CEO of Amarium Minerals. “Our next step will be to work diligently to increase the value of the existing assets through a well executed production plan and an aggressive exploration program. Fortunately for us, the infrastructure in the surrounding region and the state of Michoacan is exceptional, and will allow Amarium to focus on selling our copper to Asian clients, where an insatiable demand for the metal continues.”
Under the terms of the Agreement, Amarium will acquire 100% ownership of the Jovita Mine for aggregate expenditures of USD $6.1 Million over the next 3 years. Expenditures include a payment of USD $2.5 Million and 1 million shares of Amarium to MCSA, within 30 days. Additional payments of 1 million shares will also be issued to MCSA, in 12 months and 24 months. Amarium will also be required to spend USD $3 million in exploration activities on the property over the next 36 months. MCSA is transitioning the management and operation of the Jovita Mine to Amarium over the next 60 days.Continue Reading