EV Resources Limited (ASX:EVR) has completed a binding agreement to acquire 70% of an operation Joint Venture for the Los Lirios Antimony Mine in Oaxaca, Mexico. This is being completed through their wholly owned Mexican Subsidiary, Stibcorp, S.A. de C.V., with a promissory agreement for the assignment of mining rights with current titleholders.
Stibcorp and the JV parties have established a new legal JV entity, Exploraciones Mineras los Lirios, S.A. de C.V. (EML), which will hold 100% of the mining rights, with EV Resources holding 70% through Stibcorp. Under this plan, Stibcorp will provide the management and capital until a maximum of 300 tonnes of ore per day are produced. Stibcorp will also pay licence fees and hold the power of attorney over these licences.
The JV will cover the acquisition of three mining concessions which cover approximately 1,551.94ha and are highly prospective for antimony. The concessions include three open pit and several underground mine workings.
Stibcorp plans to advance the project in alignment with regional development priorities and local community engagement. They are also in discussion with the owners of permitted plan sites so that they can build a pilot processing plant.
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