Eurasian Minerals announces acquisition and option agreement to sell the Neavesville, New Zealand gold-silver property
Tuesday, Nov 20, 2012Eurasian Minerals Inc. (the "Company" or "EMX") (TSX VENTURE:EMX)(NYSE Amex:EMXX) is pleased to announce the acquisition of the Neavesville gold-silver property (the "Property") located in the Hauraki goldfield of New Zealand's North Island. The Company is also pleased to announce the execution of a definitive agreement with Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("GEL") giving GEL an option to acquire the wholly-owned EMX subsidiary that controls the Property. The agreement provides for staged payments and work obligations from GEL, as well as immediate reimbursement of EMX's exploration costs.
EMX acquired the Neavesville exploration licenses by staking, and with minimal cost. The sale of a property covering a historic gold-silver resource reported under JORC standards in a key mining district serves as another example of the Company's execution of the prospect generation model. The agreement with Glass Earth Gold is structured with a) in-ground spending requirements to further develop the asset's value, b) a pre-production revenue stream denominated in terms of gold ounces, and c) a revenue stream based on production, all to the benefit of EMX.
The Neavesville Property consists of two exploration permits totaling over 30 square kilometers that cover two main centers of epithermal gold-silver mineralization (Neavesville and Chelmsford). One of the mineralized centers, named Trig Bluffs, has a historic near-surface inferred resource of 3.2 million tonnes averaging 2.7 g/t gold and 8.9 g/t silver, and containing 289,000 ounces of gold and 944,000 ounces of silver (R. Brathwaite, IGNS report, 1999; 2001). In addition, a separate higher-grade historic inferred mineral resource of approximately 0.47 million tonnes at 7.1 g/t gold and 20.7 g/t silver, and containing 107,000 ounces of gold and 312,000 ounces of silver, was reported for mineralization at depth beneath Trig Bluffs.
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