Pasinex to Acquire Majority Interest in Gunman Zinc Project for USD 1.5m.
M2 EQUITYBITES-December 15, 2017-Pasinex to Acquire Majority Interest in Gunman Zinc Project for USD 1.5m
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15 December 2017 - Canada-based zinc-lead-silver and copper properties mining company Pasinex Resources Ltd. has agreed to acquire up 80% interest in Nevada, US-based Gunman Zinc Project from Canada-based Cypress Development Corp. (TSX Venture: CYP) (OTCBB: CYDVF) (Frankfurt: C1Z1) and Silcom Systems Inc., the company said.
Pasinex has acquired the option by honouring the terms of Silcom's original option agreement, announced April 5, 2017, to acquire an 80% interest from Cypress in the Gunman Project.
The total consideration to acquire the 80% interest is staged over four years and is approximately USD 1.5m, payable in a combination of cash and Pasinex common shares.
In addition, the Pasinex must incur minimum exploration expenditures totalling USD 2.95m over the same four-year period.
Pasinex Resources Ltd. is acquiring the interest in the Gunman project through its wholly owned subsidiary Pasinex Resources Nevada Ltd.
The deposit style at Gunman is carbonate replacement with central zones of massive, strongly oxidised mineralisation and halos of partial replacement and veining. The mineralisation is within 125 metres of the surface.
Pasinex states they are attracted by the high grades and the deposit style of the Gunman with striking similarities to the Pasinex 's Pinargozu high grade CRD zinc mine in Turkey.
Cypress Development Corp. is a lithium and zinc exploration company that continues to acquire and develop potentially viable mineral projects in Nevada, US. Cypress Development Corp. has approx. 54.1m shares issued and outstanding.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Dec 15, 2017|
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