Vancouver, British Columbia, August 24, 2009 (TSX Venture: EMX) – Eurasian Minerals Inc. (the “Company” or “EMX”) is pleased to announce that Newmont Ventures Limited (“Newmont” or “NEM”), a wholly-owned subsidiary of Newmont Mining Corporation (NYSE:NEM), has increased its participation in EMX’s Treuil and La Mine licenses by electing them as a Designated Project (collectively the La Mine Designated Project) in accordance with the EMX-NEM Strategic Venture Agreement. EMX has been exploring Treuil and La Mine since 2007, and more recently with Newmont as part of the Regional Strategic Alliance exploration program. The Company has reported multiple copper-gold-silver discoveries in what is developing into a district scale exploration target. La Mine joins La Miel and Grand Bois as EMX-NEM Designated Projects, with significant work programs underway or planned by the joint venture. EMX controls over 281,000 hectares of exploration licenses along northwest Haiti’s prospective Massif du Nord mineral belt, including properties with historic, non-NI 43-101 compliant resources.
La Mine Designated Project. Newmont may earn a 65% participating interest in the La Mine Joint Venture (JV) by (i) completing a Feasibility Study which reports a minimum reserve containing at least 2,000,000 ounces of gold (subject to NI 43-101 classification requirements) or (ii) solely funding the first US$20M in venture expenditures on or before six years from the date the government issues the mining convention and exploration licenses, whichever comes first, in accordance with the following minimum expenditures (the “La Mine Earn-in”):
- US$1M on or before the first anniversary
- An additional US$2M on or before the second anniversary
- An additional US$3M on or before the third anniversary and each subsequent anniversary until completion of the La Mine Earn-in.