May 23 2013
Amarium Technologies Inc., through its wholly owned subsidiary Amarium Minerals Inc., released today that the Company has signed a Definitive Agreement ("Agreement") with Minerales Consolidados S.A. de C.V. (MCSA) to purchase the Jovita Mine and a 40 ton per day (tpd) copper mill. The Jovita Mine is a producing copper concentrate mine operating in Michoacan, a well-known base metals mining region in Mexico.
"We are very pleased to have completed an agreement on Jovita and the copper mill, as this will expose Amarium shareholders to an immediately producing asset with significant upside potential," said Adam Carter , the President & CEO of Amarium Minerals. "Our next step will be to work diligently to increase the value of the existing assets through a well executed production plan and an aggressive exploration program. Fortunately for us, the infrastructure in the surrounding region and the state of Michoacan is exceptional, and will allow Amarium to focus on selling our copper to Asian clients, where an insatiable demand for the metal continues."
Under the terms of the Agreement, Amarium will acquire 100% ownership of the Jovita Mine for aggregate expenditures of USD $6.1 Million over the next 3 years. Expenditures include a payment of USD $2.5 Million and 1 million shares of Amarium to MCSA, within 30 days. Additional payments of 1 million shares will also be issued to MCSA, in 12 months and 24 months. Amarium will also be required to spend USD $3 million in exploration activities on the property over the next 36 months. MCSA is transitioning the management and operation of the Jovita Mine to Amarium over the next 60 days.
The Jovita Mine encompasses a 250 hectare mineral concession and production facility located in the Mexican state of Michoacan. The current mill operation allows for ore to be processed onsite into copper concentrate for shipment to foreign buyers. Michoacan is a historic mining region in Western Mexico with a large deep-sea port located along the Pacific coastline that is well situated for transport and the supply of Western US, Asian and other Pacific Rim markets.
Amarium has been focusing its efforts on the acquisition and development of base metals projects in Mexico that are currently in or near production and advanced exploration properties that will add substantially to the Company's asset foundation. Management is continuing to actively pursue mineral interests that represent significant growth, value and cashflow opportunities.
Source: http://www.amariumminerals.com/