Catalyst Copper Delivers La Verde Property S-1 Expenditure Notice
Catalyst Copper Corp. (CCY.V) has provided Minera Torre de Oro SA de CV, a Mexican subsidiary of Teck Resources Limited, Notice (the "S-1 Expenditure Notice") that it has incurred +US$10 million of Expenditures and completed the required Work Commitments in accordance with the agreement dated December 21, 2009, between Teck and Minera Hill 29 SA de CV (Catalyst's wholly owned Mexican subsidiary).
The date of delivery of the S-1 Expenditure Notice is defined in the Agreement as the Minera Hill Earn-In Date, being the date Minera Hill has exercised the S-1 Option and earned a 60% interest in the La Verde Property. Teck may elect, at any time up to the 60th day after the Minera Hill Earn-in Date to either:
(a) invoke its option (the T-1 Option), by delivering Minera Hill Notice to earn back from Minera Hill a 20% interest in the La Verde property, so as to hold a 60% interest, by incurring and solely funding aggregate optional Expenditures equal to twice the Expenditures incurred by Minera Hill to a maximum of US$20 million within three years of the date of the T-1 Notice; or
(b) form a Joint Venture (through a holding company), with the parties' interests being 60% Minera Hill and 40% Teck.
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