Mariana Resources Ltd (MARL.L) said that it has secured an option to acquire the remaining 30% interest in the Santa Cruz Joint Venture from Iamgold Corp. (IAG,IMG.TO). The Santa Cruz JV comprises the Sierra Blanca and Canadon Largo silver-gold projects in the emerging Deseado Massif gold-silver district in Southern Argentina.
Mariana Resources originally earned a 70% interest in the Santa Cruz JV in January 2009 by conducting a US$2 million exploration programme.
The Company has now secured an option to acquire the remaining 30% interest in the Santa Cruz JV from IAMGOLD for an initial consideration of 1 million Mariana Resources shares which will be issued to Iamgold. Mariana Resources must also complete a minimum of 1,500m of drilling on the Sierra Blanca and Canadon Largo projects.
The Option can then be exercised within the two year period by paying Iamgold US$500,000 and the equivalent of US$500,000 in Mariana Resources shares, based on the 15 days volume weighted average price on AIM when the option is exercised. Iamgold will be granted a 1.5% royalty on net smelter returns from any commercial mineral production from the two projects.
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