Mexican Base and Precious Metals
Cerro Cascaron Royalty
Evrim has signed a four-year agreement with Harvest Gold Corporation whereby Harvest Gold can earn an initial 70% interest in the Cerro Cascaron project by incurring $6 million in exploration expenditures,
making $900,000 in cash payments and issuing 2 million shares to Evrim over the four year period. Evrim will be the operator during this initial interest period. An additional 10% interest for an aggregate 80% interest in the Project may be acquired by Harvest Gold by making a cash payment of $200,000 (or 200,000 shares at Evrim's election) and funding a 43-101 compliant feasibility study over a five year period. Minimum annual exploration expenditures of $2 million are required during this period and a $200,000 cash payment made to Evrim if the minimum expenditures are not met.
If Evrim's interest in Cerro Cascaron is diluted to 10% or less, its interest will convert into a 2% net smelter royalty. Evrim will retain the right to purchase half of a pre-existing 2% NSR from a property vendor for US$2.5 million.