Avrupa Minerals Ltd. (TSXV:AVU) has optioned out the Slivovo Project in Kosovo to Australian company Byrnecut International Limited. Byrnecut has the option to earn a 51% interest by spending €1,000,000 in exploration on the project by March 1, 2015, or 12 months from the exact closing date. €360,000 is a firm commitment and must be spent by September 1, 2014, or 6 months from the closing date.
As quoted in the press release:
Byrnecut can then earn a further 24% by spending an additional €1,000,000 for a total interest of 75% with total expenditures of €2,000,000, by March 1, 2016, or 24 months from the exact closing date. Byrnecut can further earn an additional 10% by completing a Preliminary Feasibility Study on the Slivovo Project for a total interest of 85% by March 1, 2017, or 36 months from the closing date. The next stage will be for the Company and Byrnecut to enter into a binding agreement in early 2014.
Avrupa Minerals CEO Paul Kuhn said:
The signing of this Terms Sheet with Byrnecut is the first option agreement for the Company in Kosovo and solidifies the potential interest in this area. We are excited to be working with Byrnecut in advancing Slivovo to the next stage, and we look forward to working with the Byrnecut team. The Slivovo Project covers at least two exciting, surface-mineralized targets, and we look forward to the spring break-up to start work and rapidly move the program forward.