Minaurum Gold (MGG.V) announced it entered into a binding agreement with Lowell Copper (JDL.V) whereby Lowell Copper can earn a 70% interest in Minaurum’s Santa Marta VMS project in Mexico’s Oaxaca state. To earn its 70% interest, Lowell needs to spend $1M in exploration expenditures in 2014, $2M in 2015 and $3M in 2016. On top of that, Lowell Copper is investing $375,000 in Minaurum’s current private placement at C$0.05/share and will pay another $125,000 before the end of next month.
We’re impressed Minaurum was able to attract Lowell Copper as its joint venture partner, as CEO J. David Lowell has an impressive track record in the mining business.
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Disclosure: The author holds a long position in Minaurum Gold but no position in Lowell Copper. Please see our disclaimer for current positions.
