Mineworx Enters Operating Agreement for Foothill Gold Mine, Arizona
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Iberian Minerals Ltd.‘s 100 percent wholly owned subsidiary, Mineworx, has signed an operating agreement and option to purchase with Iftiger Trust on the Foothill Gold Mine. This 20.6 acre formerly producing gold mine is located near the city of Kingman in the Maynard Mining District, Mohave County, north western Arizona, ranking second among the gold producing counties of the state.
Under the terms of the operating agreement, Mineworx has been granted the exclusive right to enter, examine and commence gold and other such precious metals production at the Foothill Mine Property for a period of five (5) years. Mineworx is currently in late stage development of its new, patent pending hard rock HM X-tract unit. This environmentally friendly, portable, heavy mineral extraction unit will be available for mine site deployment in late summer 2016. Once this second HM X-tract unit is available both placer and hard rock projects can be undertaken.
The parties have entered into a net smelter royalty agreement, whereby the optionor will receive a 10 percent net smelter return (NSR) after the deduction of all operating costs. The option to purchase agreement provides Mineworx with an exclusive option to purchase the property from the optionor at any time during the term agreement for an amount agreed upon by both parties. The agreement also provides Mineworx with a right of first refusal to purchase the property upon receipt of an offer from any third party.
“We are very excited to secure our second historic gold mine in Arizona. Our due diligence has determined the Foothill Gold Mine to be an excellent property to demonstrate the performance and operational capabilities of our newest HM X-tract unit, which is in late stage development and has been designed exclusively for “hard rock” gold processing. Our Mineworx technical team are currently completing in-house testing of the newest HM X-tract unit at our fabrication facility in Coquitlam, British Columbia,” said Duane Nelson, president of Mineworx.
“Historically, mining in this arid desert area have been plagued by the lack of water. The HM X-tract has eliminated this issue with the integration of its unique patent-pending water clarification and filtration technologies, allowing operators to recycle most of the process water used at a typical mine site and eliminate the necessity for tailing ponds,” said Greg Pendura, president and CEO of Iberian Minerals.
About Mineworx
Mineworx is an innovative heavy mineral processing company focused on increasing value within the mining sector with its patent pending HM X-tract environmentally friendly, portable, heavy mineral extraction equipment. Mineworx’s unique business model is to seek out advanced stage mineral deposits on which to employ its processing technologies and partner with the existing owners/operators by advancing these deposits in an accelerated manner attaining profitable production in a timely, cost effective and environmentally friendly manner. The unique, integrated water clarification and filtration technologies lowers economic risk and reduces environmental impact by allowing operators to recycle most of the process water used at a typical mine site thereby significantly reducing or eliminating the necessity for tailings ponds.
About Iberian Minerals
Iberian Minerals is a Canadian junior mining company positioned for growth through the partnership of advanced cash flow mining opportunities utilizing the Mineworx environmentally friendly heavy mineral extraction processing technologies. In addition the company is also pursuing its interest of accumulating high interest assets throughout the mineral rich Iberian Peninsula.
To stop by Iberian Minerals’ website, CLICK HERE
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