Amarium Technologies Inc. (OTC MARKETS: AMMG) released today that it has signed a Letter of Intent (LOI) with Minerales Consolidados S.A. De C.V. (MCSA), to acquire 100% of the Jovita Mine (Jovita).  Jovita is a producing copper concentrate mine operating in Michoacan, Mexico.

Under the terms of the Agreement, Amarium will acquire 100% ownership of the Jovita Mine for aggregate expenditures of USD $6.1 Million over the next 3 years. Expenditures include a payment of USD $2.5 Million and 1 million shares of Amarium to MCSA, within 30 days of signing the acquisition agreement.  Additional payments of 1 million shares will also be issued to MCSA, 12 months and 24 months after the acquisition agreement signing.  Amarium will also be required to spend USD $3 million in exploration activities on the property over the proceeding 36 months.  Also under the terms of the agreement, MCSA will transition the management and operation of the Jovita Mine to Amarium within 60 days after the signing of the acquisition agreement.

“We are excited to have signed the LOI to purchase the Jovita Mine, this is a major step forward in the expansion and development of Amarium Minerals. Our team has been very focused on closing this transaction for several months now,” said Adam Carter, the President & CEO of Amarium, “and Jovita is truly a rare opportunity that will expose our shareholders to a growing copper concentrate producer in a well established mining region of Mexico. Our goal with this acquisition is to increase concentrate production at Jovita via strategic capital investments in the current operation, as well as increase the existing mineral assets by defining a resource estimate through exploration.”… READ FULL POST