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
"Storpool does only block-level storage so we do one thing extremely well. The growth in data is what drives the move to software-defined technologies in general and software-defined storage," explained Boyan Ivanov, CEO and co-founder at StorPool, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Sometimes I write a blog just to formulate and organize a point of view, and I think it’s time that I pull together the bounty of excellent information about Machine Learning. This is a topic with which business leaders must become comfortable, especially tomorrow’s business leaders (tip for my next semester University of San Francisco business students!). Machine learning is a key capability that will help organizations drive optimization and monetization opportunities, and there have been some...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.