Magna Terra Minerals Inc.’s owned Argentine subsidiary-Atala Resources S.A. has moved into an Agreement to sell its wholly owned Boleadora Project in Santa Cruz Province, Argentina, to Oroplata S.A. which is basically a subsidiary of Newmont Corporation.
Newmont’s Oroplata has agreed to purchase the project Magna Terra’s Atala for US$1 million. The company will pay $25k on signing while six installments totaling $975k will be paid within six years. Boleadora Group of properties is a large greenfields exploration land project with the holding 12 individual exploration licenses located about 17 kilometres southeast of Newmont’s Cerro Negro mine area in the Santa Cruz Province, Argentina.
Lew Lawrick, President & CEO of Magna Terra commented they are pleased to sign this agreement with Newmont on the selling Boleadora. He said, “While it is a very large and early stage exploration package, its proximity to the Cerro Negro mine site makes it of strategic interest to Newmont from an exploration perspective. The bulk of the property package lies along trend of the NNW structural control that is an important geological feature at Cerro Negro. Including Boleadora into Newmont’s regional Cerro Negro exploration program, along with the application of their proven exploration technologies, will add significant value to the project, and ensure that it is advanced in the near term.”
The company also announced that Magna Terra has received an option payment of $50,000. The company got $11,900 cash while 1,000,000 worth of Opus One common shares. The company now own 1,900,000 common shares of Opus One, and it revealed the plans to hold the shares for investment purposes.
Magna Terra Minerals, headquartered in Toronto, Canada, focuses on exploration of precious metals company.