Orex Minerals Inc. has entered into a joint venture agreement (JV) with Pan American Silver Corp., through its subsidiary Plata Panamericana S.A. de C.V., to further explore and develop the Sandra-Escobar Project, in Durango State, Mexico. The intention of the parties to form the JV was previously announced by Orex on 26 March 2020.
The project is a consolidation of two groups of claims, each controlled by the two JV participants. Orex and Pan American own a 40% and 60% interest, respectively, in Empresa Minera Sandra-Escobar, S.A. de C.V., the new JV company formed to hold the project. Orex will be the initial operator of the project.
Under the terms of the JV, Pan American and Orex are obligated to make contributions to the JV company in proportion to their respective ownership interests, subject to the terms and conditions of the JV agreement. Orex intends to finalise an initial program and budget with Pan American and commence work on the project as soon as possible.
Orex’s President and CEO, Ben Whiting, said; “This is an excellent opportunity to consolidate the majority of the mineral district. There are multiple precious metal targets, as well as the existing Boleras Silver Deposit. We at Orex look forward to working with Pan American to advance the Sandra-Escobar Project.”
Read the article online at: https://www.globalminingreview.com/mining/04032021/orex-and-pan-american-form-jv-for-sandra-escobar-project/