Ecuador Gold & Copper Announces Shareholder Agreement For Joint Venture

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Ecuador Gold & Copper Corp. (EGX.V) announced that its Ecuador subsidiary, Condormining Corporation S.A. has entered into a shareholders agreement with Minera GuangShou Ecuador S.A to form a joint venture for exploration development of the Chinapintza deposit at its Condor Gold Project in southeast Ecuador.

Under the terms of the shareholders agreement, Condormining and Guangshou Ecuador plan to proceed with exploration development (including an underground exploration program) of up to 300 tonnes per day of gold mineral extraction at the Chinapintza deposit pursuant to the "small-scale mining regime" under Ecuador law, which limits such exploration development to 300 tonnes per day of gold mineral extraction.

The exploration development will involve underground exploration drilling, sampling and mapping and the underground gold mineral extraction operations with gold processing and tailings disposal facilities.


Pursuant to the terms of the shareholders agreement JV, Condormining will have a 30% interest in the joint venture with Guangshou Ecuador holding the remaining 70%.



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This article appears in: Investing , Commodities

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