Biga Peninsula Joint Venture and Option Agreement
The Company has signed an option and joint venture agreement (“Agreement”) with Anatolia Minerals Development Corp., and its wholly owned Turkish Corporation, Yeni Anadolu Mineral Madencilik Sanayi Ve Tic Ltd Sti, (collectively referred to as “Anatolia”) that gives EMX the option to earn an interest in Anatolia’s Biga Peninsula properties (the “Properties”) located in western Turkey. The Properties consist of thirty-three exploration licenses totaling 457.5 square kilometers, and complement EMX’s Biga property portfolio of twenty-five licenses covering 313.4 square kilometers in this prospective region. The land package occurs in the Western Anatolia gold province, which is the same geologic belt hosting the Ovacik mine and Kisladag deposit currently being developed, both with over one million ounces of gold resources or reserves. Recent gold discoveries that are in close proximity to the joint venture Properties include the Agi Dagi and Kirazli deposits.
As per the Agreement, EMX has the option to earn a 70% interest in the Biga Properties, by funding not less than $3,000,000 USD in aggregate exploration costs and $1,000,000 USD in payments to Anatolia over a five-year period. In addition, upon earning a 70% interest, EMX will have the option to earn an additional 15% interest, by funding a Pre-Feasibility Study on one of the Biga properties by the sixth anniversary of the agreement. EMX is the designated operator, and will be responsible for conducting and managing all exploration activities.
Exploration Update for Turkey
In addition to the new Biga Properties, the Company has acquired seventeen new licenses via staking and government auctions this summer in the Western Anatolia gold province and the Eastern Pontides mineral belt, bringing the country total to 115 exploration licenses covering 2,423.7 square kilometers under EMX control. Ongoing exploration work consists of field sampling, mapping, and where warranted, drilling of Company properties. Drill results from the Sisorta high sulfidation, volcanic-hosted gold system in north-central Turkey will be released later in the year. Sisorta is a Designated Project according to the terms of the Exploration Joint Venture (EJV) with Barrick Gold Corp., with Barrick having the right to earn up to a 70% interest in the property by spending $10,000,000 USD.
Mr. Dean Turner, P.Geo., a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, has reviewed and verified the technical mining information contained in this news release.
For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Kim C. Casswell
Phone: (604) 688-6390
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Eurasian Minerals Inc. Actual results may differ materially from those currently anticipated in such statements.