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- EV Resources (EVR) reduces the purchase price for the Don Enrique project acquisition by US$150,000 (A$214,000)
- EVR recently announced it would acquire Minera Montserrat, who owns the copper-gold-silver project in Peru, for US$1.3 million but this has been reduced to US$1.15 million
- Under the agreement, EV Resources will immediately acquire 50 per cent of Montserrat with the remaining stake subject to a two-year option
- EV Resources plans to undertake field activities at the Don Enrique project ahead of diamond drilling
- Company shares are trading down 6.82 per cent at 4.1 cents each
EV Resources (EVR) has revised the acquisition terms for the Don Enrique copper-gold-silver project in Peru.
The acquisition was announced at the end of February and would see EV Resources acquire Minera Montserrat, the Peruvian company who fully owns the Done Enrique project.
Originally, the total consideration was US$1.3 million (A$1.87 million) however this has been reduced to US$1.15 million and still payable over two years.
The company hasn’t disclosed the reasoning behind the price change.
Under the agreement, EV Resources will immediately acquire 50 per cent of Montserrat with the remaining stake subject to a two-year option.
The Don Enrique copper-gold-silver project includes four licences covering a combined 1800-hectare area. It is located roughly 260 kilometres from the nation’s capital of Lima.
EVR considers the asset to be a ‘compelling exploration project’ as it previously returned significant sampling results and has available infrastructure, water, power and road access.
When it first announced the acquisition, EV Resources said it would initially undertake sampling, mapping and geophysical surveys to better define mineralisation at depth. The company also intends to conduct diamond drilling once approvals are received.
Company shares were down 6.82 per cent to trade at 4.1 cents at 3:03 pm AEST.
