ANO - signs their BIGA property - EMS for J/V
Eurasian to earn 70% interest in Biga Peninsula lands
2005-09-20 15:16 ET - News Release
Mr. David Cole reports
EURASIAN MINERALS INC.: BIGA PENINSULA AGREEMENT AND EXPLORATION UPDATE FOR TURKEY
Eurasian Minerals Inc. has signed an option and joint venture agreement with Anatolia Minerals Development Corp. to earn an interest in its licences located in western Turkey's highly prospective Biga Peninsula region. The company is also pleased to provide an update on its exploration programs in Turkey.
Biga Peninsula joint venture and option agreement
The company has signed an option and joint venture agreement with Anatolia Minerals Development Corp. and its wholly owned Turkish corporation, Yeni Anadolu Mineral Madencilik Sanayi Ve Tic Ltd Sti, that gives EMX the option to earn an interest in Anatolia's Biga Peninsula properties located in western Turkey. The properties consist of 33 exploration licences totalling 457.5 square kilometres and complement EMX's Biga property portfolio of 25 licences covering 313.4 square kilometres in this prospective region. The land package occurs in the western Anatolia gold province, which is the same geologic belt hosting the Ovacik mine and Kisladag deposit currently being developed, both with over one million ounces of gold resources or reserves. Recent gold discoveries that are in close proximity to the joint venture properties include the Agi Dagi and Kirazli deposits.
As per the agreement, EMX has the option to earn a 70-per-cent interest in the Biga properties, by financing not less than $3-million (U.S.) in total exploration costs and $1-million (U.S.) in payments to Anatolia over a five-year period. In addition, upon earning a 70-per-cent interest, EMX will have the option to earn an additional 15-per-cent interest, by financing a prefeasibility study on one of the Biga properties by the sixth anniversary of the agreement. EMX is the designated operator and will be responsible for conducting and managing all exploration activities.
Exploration update for turkey
In addition to the new Biga properties, the company has acquired 17 new licences via staking and government auctions this summer in the western Anatolia gold province and the eastern Pontides mineral belt, bringing the country total to 115 exploration licences covering 2,423.7 square kilometres under EMX control. Continuing exploration work consists of field sampling, mapping and, where warranted, drilling of company properties. Drill results from the Sisorta high-sulphidation, volcanic-hosted gold system in north-central Turkey will be released later in the year. Sisorta is a designated project according to the terms of the exploration joint venture (EJV) with Barrick Gold Corp., with Barrick having the right to earn up to a 70-per-cent interest in the property by spending $10-million (U.S.).
Dean Turner, PGeo, a qualified person as defined by National Instrument 43-101 and consultant to the company, has reviewed and verified the technical mining information contained in this news release.
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