Indico Signs LOI to Purchase Irmin Copper Project, Peru
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Indico Resources Ltd. has entered into a letter of intent (LOI) with Aruntani S.A.C. pursuant to which it will sell to Aruntani Indico Peru S.A.C., a wholly owned subsidiary of the company, which has an irrevocable option to acquire all of the shares in the capital of Inversiones Minerales S.A.C., an entity holding a series of concessions in Peru.
Aruntani will acquire all rights held by Indico Peru to Inversiones Minerales S.A.C., which holds 23 concessions covering 123 km2, located on the northwest extension of the Southern Peru Porphyry Copper Belt (the Irmin Property). At present, the company and Aruntani have an agreement to jointly develop the Irmin Property, with Aruntani holding an earn-in option allowing it to earn 70 percent interest in the Irmin Property after completion of expenditures totaling US$18,600,000. As part of the transaction, Aruntani will acquire the company’s legal and beneficial right, title and interest in and to the Ocana Property, including any interests held pursuant to the joint venture agreement. As consideration for the acquisition of all shares of Indico Peru, Aruntani will pay to the company US$6,000,000 in cash and will grant the company a 1 percent net smelter return royalty over the Irmin Property.
About Indico Resources Ltd.
Indico is a mineral resource exploration company focused in the discovery and exploration of porphyry copper-gold deposits in South America. The Irmin Porphyry Project, located in the Arequipa Region of Peru, is the company’s primary exploration project and is currently the main focus of exploration activities.
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