Welcome!

News Feed Item

Santa Fe Metals Corporation-Enters into Definitive Agreement for Iron Range and Grants Stock Options

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/25/14 -- Santa Fe Metals Corporation (TSX VENTURE:SFM) ("SFM" or the "Company") announces it has signed a definitive agreement with Eagle Plains Resources Ltd. ("EPL") specifying the terms for an earn-In option (the "Option") to acquire a 60% interest in EPL's Iron Range Project ("Iron Range"). Iron Range hosts the same stratigraphic rock assemblage as the historic Sullivan Mine, one of the largest sedimentary exhalative (SEDEX) silver-lead-zinc deposits in the world, located approximately 60-km north east of Iron Range.

As previously announced on March 18, 2014, Iron Range has had abundant exploration success and many defined targets. SFM and EPL plan to focus on Sullivan-time stratigraphy and the regional-scale fault complex at Iron Range for sedimentary exhalative (SEDEX) and Iron-Oxide-Cu-Au (IOCG) target types on the property. The 630 km2 Iron Range project, located near Creston, BC, is owned 100% by EPL subject to a 1% NSR on a portion of the claim group. A complete description of past drill and other exploration results can be viewed at http://www.eagleplains.com/projects/bc/ironrange/.

The Option comprises a commitment by SFM over a 5-year period to earn a 60% interest in Iron Range by incurring exploration expenditures on Iron Range, issuing SFM shares and making cash payments to EPL, subject to regulatory approval including without limitation that of the TSX Venture Exchange (the "Exchange"):


--  On Exchange approval: issuing 1 million SFM shares 
--  On or before December 31st, 2014: incurring $150K in exploration
    expenditures, and issuing an additional 1 million SFM shares and an
    additional $25K in cash; 
--  On or before December 31st, 2015: incurring an additional $350K in
    exploration expenditures, and issuing an additional 1 million SFM shares
    and an additional $50K in cash; 
--  On or before December 31st, 2016: incurring an additional $1.5 million
    in exploration expenditures, and issuing an additional 1 million SFM
    shares and an additional $75K in cash; 
--  On or before December 31st, 2017: incurring an additional $3.0 million
    in exploration expenditures, and issuing an additional 1 million SFM
    shares and an additional $150K in cash; and, 
--  On or before December 31st, 2018: incurring an additional $5.0 million
    in exploration expenditures, and issuing an additional 1 million SFM
    shares and an additional $200K in cash. 

All securities issued by SFM in connection herewith will have a statutory four month hold period.

When all of the conditions of the definitive agreement have been met and SFM has exercised the Option, a 60/40 joint venture will be formed to advance Iron Range. EPL will be the operator of the Iron Range project during the term of the Option.

Grant of Stock Options

The Company reports that pursuant to its stock option plan and subject to regulatory approval, a total of 1,834,000 incentive stock options have been granted to directors, officers and consultants of the Company. The options are exercisable at a price of $0.10 per share for a period of five years.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contacts:
Santa Fe Metals Corporation
Scott E. Broughton, P.Eng.
President and CEO
604.684.2900
www.santafemetals.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
If you haven’t heard yet, CollabNet just put out some very big news for managing and gaining value from DevOps. We introduced CollabNet DevOps Lifecycle Manager (DLM) — a platform designed exclusively for providing a single pane of glass, dashboard, and traceability views across your DevOps toolchain and processes from planning to operations and that can be traced back to planning and development.
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry’s single source for the cloud. Fusion’s advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, discussed how VPaaS enables you to move fast, creating scalable video experiences that reach your aud...
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...