VANCOUVER – North Arrow Minerals Inc. (TSXV:NAR) says it has signed a letter of intent to acquire a 100 per cent interest in the El Tesoro project in Chile to help it acquire new copper and gold resources.
The junior mining company said Monday it will spend $ 1 million in exploration, make a cash payment of US$ 600,000 to the owners as well as a cash payment to the owners equal to 50 cents US per tonne of reserves over two years.
“This represents a low-risk opportunity to develop new copper and gold resources, as the agreement allows North Arrow to explore the El Tesoro project with no capital outlay beyond exploration costs for the first two years,” chief executive Brian McEwen said in a news release.
Property owners Sociedad Contractual Minera El Tesoro will retain a one per cent net smelter royalty, North Arrow Minerals said.
North Arrow also announced that it has appointed Wayne Johnstone as its chief financial officer.
Local news from metronews.ca/vancouver
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