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SMM11, 16 March -: Explorex Resources Inc announced that it has signed revised letters of intent with three Finnish private companies to acquire the Hautalampi project at the Otto Kunpu mining camp in eastern Finland, owned by Vulcan Hautalampi Oy.
Hautalampi is a deposit rich in cobalt, nickel and copper sulfides, which is the focus of pre-production and development in the mid-1980s, and is also an extensive project to support the feasibility study in 2009.
"our detailed due diligence confirms that Hautalampi provides an excellent opportunity to move quickly into the development phase if technical and economic feasibility can be established," said Gary Schellenberg, chief executive of the company.
Given the advanced stages of the deposit, the established infrastructure and the nearby mine development and operation services, Explorex believes that if technical and economic feasibility can be established, The project can quickly become the preferred supplier in the rechargeable battery manufacturing industry.
Under the agreement, Explorex will provide Vulcan with $1.99 million in cash, $3.05 million in company stock value and $3 million in exploration expenses.
In addition, Explorex will award Vulcan a 1.5 per cent net metal usage fee and issue additional shares worth $1.5 million after announcing commercial production.
Schellenberg added: "We have rewritten the terms of the letter of intent to reflect a more standard earnings agreement to acquire a 100 per cent stake and to develop a comprehensive work plan, including the preparation of current resource estimates and the revision of the current economic assessment. Daily commodity prices and suitable market conditions.
Explorex Resources is engaged in the acquisition, exploration and development of Canadian minerals. The company explores silver, lead, zinc, copper and gold, as well as cobalt and nickel deposits.
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