|Commodity:|| Iron Ore|
|Option:||Regional Alliance with ArcelorMittal|
Evrim Resources Corp. has signed an agreement with ArcelorMittal Servicios Minerometalurgicos de Occidente S.A. de C.V. ("ArcelorMittal"), a wholly owned subsidiary of ArcelorMittal S.A., to explore for iron ore deposits in Mexico.
Under the terms of the five-year Agreement, ArcelorMittal and Evrim will jointly fund exploration programs to search for iron ore projects of merit ("Project") in Mexico. The development of Projects will be funded solely by ArcelorMittal, which will thereby earn a 100% interest in such Projects, subject to a sliding scale royalty on iron ore production and a separate royalty on all other commodities payable to Evrim. The Parties have agreed to a firm commitment for the first two years of the Agreement.
Evrim is operator on the project. A $600K targeting program and follow-up drilling program is planned for 2014.
ArcelorMittal is the world's leading steel and mining company, with a presence in more than sixty countries and an industrial footprint in over twenty countries. Guided by a philosophy to produce safe, sustainable steel, ArcelorMittal is the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks.
In 2012, ArcelorMittal had revenues of $84.2 billion and crude steel production of 88.2 million tonnes, while iron ore production reached 55.9 million tonnes.
For more information about ArcelorMittal please visit: http://www.arcelormittal.com/