Cardero property acquisition
Cardero Resource Corp CDU
Shares issued 3,951,891 Mar 16 close $1.45
Fri 17 Mar 2000 Acquisition
The Canadian Venture Exchange has accepted for filing an option agreement
dated Feb. 24, 2000, whereby Cardero can acquire from the vendors, Minera
Andina de Exploraciones S.A.A. (Minandex), up to a 100-per-cent interest in
nine exploration concessions (the Corihuarmi property) near the town of
Huancayo, Peru. Consideration comprises:
To acquire a 60-per-cent interest in the Corihuarmi property:
a) Payment to Minandex of $100,000 (U.S.) upon entering into the
agreement (the execution date; paid);
<Ib) Issuance to Minandex of 150,000 shares of Cardero within five
days of acceptance for filing of the agreement by the CDNX;
c) Exploration expenditures on the property of $500,000 (U.S.) and
issuance of an additional 50,000 shares of Cardero within six months
after the execution date;
d) Payment to Minandex of $200,000 (U.S.) by the first anniversary of the
execution date;
e) Exploration expenditures on the property of $1-million (U.S.) and
issuance of an additional 50,000 shares of Cardero within 21 months
after the execution date;
f) Payment to Minandex of an additional $300,000 (U.S.) and an additional
100,000 shares of Cardero by the second anniversary of the execution
date;
g) Additional exploration expenditures on the property of $1-million
(U.S.) and issuance of an additional 50,000 shares within 33 months
after the execution date;
h) Additional exploration expenditures on the property of $1-million
(U.S.) within 45 months after the execution date;
i) Delivery of a bankable feasibility study by Cardero within 51 months
after the execution date, which requirement may be delayed for up to
two years by additional exploration expenditures of $1.5-million
(U.S.) per year;
j) Issuance of an additional 200,000 shares of Cardero within 30 days
after the delivery of a positive feasibility study;
k) Arrangement of financing for 70 per cent of the proposed project
development costs within six months after the delivery of a positive
feasibility study;
l) Lend to Mirandex 50 per cent of the project development costs to be
paid by Mirandex;
Cardero will have an option to acquire the remainder of the property (40
per cent) by agreeing to pay to Mirandex $30 (U.S.) per ounce for the first
one million ounces of gold produced and $40 (U.S.) per ounce for any
additional ounces of gold produced from the property.
A finder's fee is payable to Carlos Ballon Barraza of Lima, Peru.
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