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Darien Resource Development Corp.
Summary
| Project: | Cristal | |
|---|---|---|
| Deposit: | Cristal | |
| Location: | Chile | |
| Commodities: | Copper-Gold-Molybdenum | |
| Date: | 3/29/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 29-3-2018: Darien Resource Development Corp. announces a Supporting Acquisition report for its Cristal deposit at the Cristal project. Summary of property in support of acquisition. Dr. Thomas A. Henricksen, SME Registered Member No. 4115974, prepared thi | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Thomas A. Henricksen (Independent) | |
| ABSTRACT: | Dr. Thomas A. Henricksen, SME Registered Member No. 4115974, prepared this National Instrument 43-101 Technical Report (the “Report”) for Darien Resource Development Corp. (“Darien” or the “Company”) (TSX.V: DRR) on the Cristal Copper Property (the “Property”), located in the Province of Arica, XV Region of Arica and Parinacota, Chile. The Report supports the Company’s acquisition of the Property, which, subject to TSX Venture Exchange regulations and approval, will be considered a fundamental acquisition. On March 1, 2018, Darien entered into an assignment agreement (the “Assignment Agreement”) with Artemis Mining SpA (“Artemis”), a private Chilean company, whereby Darien can acquire a 100% interest in the Property, subject to a 3% Net Smelter Returns (“NSR”) royalty, for total cash consideration of $4,620,000 to be paid to Artemis by August 4, 2022. Artemis previously entered into an option agreement (the “Underlying Option Agreement”) on August 4, 2017, with the current owner of the Property, Patrick James Burns (“Burns”). Under the terms of the Assignment Agreement, Artemis has assigned the Underlying Option Agreement to the Company, which will be responsible for all outstanding payments related to the Underlying Option Agreement between Artemis and Burns. In addition, the Company agreed to reimburse Artemis for expenses and property payments previously incurred totaling $150,000 (which payments were comprised of the August 4, 2017 and February 4, 2018 payments noted in the table above). | |
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