Eloro Resources Ltd. (TSX.V: ELO) (OTCQX: ELRRF) (FSE: P2QM) has announced a significant adjustment to the payment terms for acquiring a 100% interest in the Iska Iska silver-tin polymetallic project in southern Bolivia. The company has reached a mutual agreement with Empresa Minera Villegas S.R.L. to amend the remaining US$4.45 million payment. Under the new terms, US$1.8 million will be credited towards exploration spending on the adjacent Mina Casiterita property, with cash payments of US$1 million due by July 15, 2025, and US$1.65 million by January 6, 2026.
Additionally, the agreement concerning the Mina Casiterita and Mina Hoyada option has been updated, requiring a US$1.8 million payment within 12 months of securing mining rights, along with the issuance of 200,000 Eloro shares upon property transfer. This strategic financial restructuring underscores Eloro's commitment to advancing its mineral exploration projects while managing its capital expenditures efficiently.
The Iska Iska project is recognized as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department. The adjustment in payment terms not only facilitates Eloro's acquisition process but also highlights the company's proactive approach to navigating the financial and operational challenges inherent in mineral exploration and development. This development is crucial for stakeholders and investors, as it reflects the company's strategic planning and dedication to expanding its portfolio of gold and base-metal properties in Bolivia, Peru, and Quebec.
