IN BRIEF: Ajax Resources agrees to buy interest in Paguanta project
Ajax Resources PLC - London-based natural resources investment company - Agrees terms to conditionally buy a 75% interest in the Paguanta project, a copper-gold project in the Tarapaca region of northern Chile, which is currently owned by Asara Resources Ltd. Says Paguanta is an advanced exploration-stage deposit, historically recognised for its silver production. It has silver, zinc and lead resources and ‘significant identified potential’ for copper and gold. The firms have until November 25 to negotiate the final terms of the contract and complete. Within 15 days of completion, Ajax will pay $50,000 in cash and a further $100,000 worth of shares. A further $500,000 will be payable upon the definition of a proved reserve of more than 25 million tonnes of 5% or more zinc equivalent. Another $500,000 will be required when a reserve exceeding 5 million tonnes of copper is defined. Asara will retain a 1% net smelter royalty, capped at a maximum of $850,000 and subject to the average zinc price during the previous two quarters exceeding $2,600 per metric tonne.
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