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EMC - Ecuadorian Minerals Corp Based on a news release concerning a JV today (below), I bought in @ 1.33 expecting a significant increase over the next few months. Anyone else interpret the news the same way? *************************************************************** NOVEMBER 21, 1996 Ecuadorian to Joint Venture Beroen Property with Newmont SCOTTSDALE, ARIZONA--Ecuadorian Minerals Corporation ("EMC") is pleased to announce that the Company has signed a Letter of Intent with Newmont Mining Corporation ("Newmont") on a portion of the Company's large Beroen gold property in Ecuador. Newmont can acquire up to an 80 percent interest in the remaining part of the property that is not subject to an existing joint venture agreement between EMC and RTZ signed in June 1996. The property comprising the Newmont joint venture area includes four exploration concessions totaling approximately 9,859 hectares (99 sq km) and is located 45 km northeast of EMC's Gaby gold project and immediately north of RTZ's Canoas concession (see attached map), where drilling is reported to have commenced. EMC's exploration program to date has identified several large areas with anomalous precious and base metal values reporting up to 0.5 g/t gold in stream sediments and up to 0.12 percent copper and 0.22 percent molybdenum in rock samples of highly altered and stockworked intrusive. Under the terms of the Letter of Intent, Newmont will be operator and can acquire an initial 60 percent interest by making cash payments to EMC of US$1.8 million over 6 years (including required payments to underlying property owners of US$1.5 million) and by expending a work commitment of US$1 million over the same period, including a guaranteed minimum of US$150,000 in the first two years. Newmont may earn an additional 20 percent interest (total 80 percent) by completing a feasibility study within 7 years, which may be extended to a maximum of 10 years with additional payments of US$100,000 per year to EMC over the last three years. EMC will hold a 40 percent carried interest up to the completion of the feasibility study and a 20 percent participating interest following completion of this study. This 20 percent participating interest will revert to a 3 percent net smelter royalty if EMC's participating interest is diluted to less than 10 percent. The Letter of Intent is subject to final EMC and Newmont Board approvals in addition to regulatory approval and will be replaced as soon as possible by a formal agreement. ON BEHALF OF THE BOARD Stephen J. Kay, President and CEO ****************************************************************** Regards, Wayne Wolinski | ||||||||||||||
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