Alien Metals Ltd (“Alien Metals” or “the Company”), a minerals exploration and development company, is pleased to announce that it has entered into an Exclusivity Agreement in respect of the potential farm out of an interest in its Donovan 2 Copper-Gold project in Mexico.
The Exclusivity Agreement, with the mid-tier North American mining company Capstone Mining Corp. (“Capstone”) (TSX: CS), provides for a 45-day period for Capstone to undertake due diligence to their satisfaction. During the due diligence period the parties intend to enter into a definitive agreement, which will provide for a staged earn-in to the Donovan 2 Project, through a combination of carried expenditure and cash payments (“Definitive Agreement”). The parties are currently finalising the commercial terms of the farm-out.
Recorded on September 6, 2020
Bill Brodie Good, CEO & Technical Director of Alien Metals, commented:
“The signing of the Exclusivity Agreement is the result of many months of discussions between the parties and fits with the Company’s stated strategy of unlocking value in its project portfolio.
“We have been impressed by the process undertaken to date and the commitment shown by Capstone Mining Corp. and I am looking forward to working closely with them to promptly finalise outstanding due diligence matters and move to definitive agreements as soon as possible.”
The Company will provide updates on the due diligence process and the finalisation of the Definitive Agreement in due course.
For further information please visit the Company’s website at www.alienmetals.uk
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