EV Resources (ASX:EVR) completed its binding agreement to acquire 70% of an operating joint venture over the Los Lirios antimony mine in Mexico by establishing a wholly-owned Mexican unit, Stibcorp, and executing a binding promissory agreement for the assignment of mining rights with the current titleholders, according to a Thursday Australian bourse filing.
Stibcorp and the joint venture parties have established a new legal joint-venture entity, named Exploraciones Mineras los Lirios, which will ultimately hold 100% of the mining rights. Stibcorp will provide the management and capital until a maximum of 300 tonnes of ore per day is produced, and it will pay license fees owing and hold a power of attorney over the licenses.
The joint venture relates to the acquisition of three mining concessions, considered highly prospective for antimony.
EV is in talks with owners of permitted plant sites as it considers building a pilot processing plant using predominantly gravity recovery methods. Samples from the project are undergoing ore characterisation and mineralogy analysis.
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