Investors: News release sounds impressive!
Aurado Explorations is pleased to announce that it has signed a Letter of Understanding with Cia. Minera Constelacion S.A. de C.V. a wholly owned subsidiary of Cominco ltd. Two of these properties are adjacent to and immediately west of western copper Holdings Limited teck corporation San Nicholas Massive sulphide Dscovery and may lie in the same mafic felsic volcanic sequence.
Constelacion has granted Aurado the exclusive option to earn, subject to Constelacion's earn-back right below, a 49% interest in the properties by making an up-front cash payment to Constelacion of US$50,000 and funding cumulative expenditures of US$3,000,000 on the properties before March 31st, 2001 with a commitment of US$750,000 on or before March 31,1999 and optional expenditures of an additional US$750,00 and US$1,500,000 by March 31, 2000 and 2001 respectively. Constelacion will be the operator.
If Aurado exercises the option, Constelacion has the right to earn back sufficient interest from Aurado so that Constelacion would hold a 75% interest. This earn-back right can be exercised Constelacion making the next $US 6,000,000
in expenditures.
Whether Constelacion exercises its earn back right or not a joint venture will be formed for further expenditures on a Constelacion Aurado 75/25 or 51/49 basis.
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