Aguila Negotiates More Favourable Terms for Angostura Gold Project
03 März 2011 - 2:30PM
Marketwired
Aguila American Resources Ltd. (TSX VENTURE: AGL) ("Aguila") or
(the "Company") - Mr. John Huguet Reports:
The Company has entered into a purchase agreement to acquire
100% of the Angostura Gold Project in Peru. This purchase agreement
replaces a previous option agreement on the same property. The
re-negotiated purchase agreement allows the Company to acquire a
100% interest in the project upon the payment of US $600,000
payable in instalments over two years. A 2% NSR of gross metal
sales is payable to the vendor and is capped at $2 million. In the
event that production does not commence by May 15, 2012, advance
NSR payments of $100,000 per annum are due beginning in May
2013.
The previous option agreement had called for Aguila to acquire
only 60% of the project with the same cash payment as the new
purchase agreement. The Company was required to perform a $2
million work program as well as issue shares. If the Company
advanced the project all the way to bankable feasibility, Aguila
could earn an additional 15%, for a final interest of 75%.
"We are very pleased with the re-negotiation of the terms of the
Angostura Project agreement. The prospect of owning 100% of this
gold project without any further dilution is of significant benefit
to our shareholders and allows us much more flexibility as we move
forward with development," said John Huguet, President and Chief
Executive Officer of Aguila.
The Angostura property is comprised of eight concessions which
cover the main portion of the Angostura Gold Project. The project
is located in southern Peru in the Department of Apurimac,
approximately 430 kilometers southeast of Lima and 180 kilometers
southwest of the City of Cuzco.
The agreement is subject to TSXV approval.
On behalf of the Board of Directors,
John Huguet, President & CEO
Aguila American Resources Ltd.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Aguila American Resources Ltd. John Huguet President
& CEO 604-685-9316 604-683-1585 (FAX)
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