Maxtech extends Brazilian JV LOI to March 30, 2017
2016-12-13 06:57 PT - News Release
Mr. Peter Wilson reports
MAXTECH VENTURES SIGNS LETTER OF INTENT EXTENSION TO JOINT VENTURE 57,000 HECTARES OF MANGANESE CLAIMS IN THE STATE OF MATO GROSSE, BRAZIL
Maxtech Ventures Inc. has extended its arm's-length letter of intent (LOI) previously announced on Nov. 2, 2016, to form a joint venture to explore certain manganese mineral claims in the state of Mato Grosse, Brazil. The extension is required to complete the negotiation sign a definitive agreement between the parties and to complete due diligence and an NI 43-101 technical report (in process) by March 30, 2017.
Property description and location
The joint venture covers three manganese projects in the Juina region of Mato Grosse, consisting of 11 claims totalling 57,077.8 hectares. The properties are regionally centred near S110 and W58.90. These projects are between 33 and 80 kilometres from Juina, MT, the regional service centre. Access is by all-weather, municipal dirt roads leading from Juina.
The surface rights of these claims are held by the local landowners/farmers. Agreement for access with any of the farmers is done on a farm-by-farm basis. Mineral exploration companies and residents have enjoyed favorable relationships with each other.
Mineral royalties are determined by federal regulations and tied to the individual commodity. For manganese mineralization, the DNPM collects 3 per cent of the value of net sales. An additional amount equal to 50 per cent of the royalty (1.5 per cent of the value of net sales) is paid by the company to the landowner.
Permitting required for exploration work consists of having the claim published in the official gazette and being listed as authorized for exploration. Currently, 10 of the 11 claims are authorized for research (exploration) and initial sampling by SGS has shown grades of 50 to 62 per cent which is considered superhigh-grade manganese (battery grade).
We seek Safe Harbor.
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