Arian Silver Corporation (TSX-V: AGQ) has announced that pursuant to its previously agreement on January 19, 2010, that Geologix Explorations Inc. and Arian have executed a definitive agreement which gives Geologix the option to purchase a 100% interest in the Tepal Gold/Copper Project. The project is subject to a 2.5% NSR royalty to the underlying vendor, Minera Tepal S.A. de C.V.
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Pursuant to the agreement, Geologix can purchase 100% of the Tepal property, subject to a 2.5% NSR royalty to Minera Tepal, by delivering Arian $1.45 million prior to February 23, 2010, and an additional $1.55 million to Arian prior to February 23, 2011.
The first payment, $517,500 will be satisfied by Geologix off-setting a loan in the same amount made to Arian. At Geologix's election, up to 50% of both payments can be satisfied by issuing Geologix shares, subject to the approval from the Toronto Stock Exchange. Geologix will be responsible for satisfying all obligations of Arian's related to the Tepal property.
Arian Silver Corporation is a silver exploration and development company and is listed on London's AIM; trades on London's "PLUS" market; is listed on Toronto's TSX Venture Exchange and on the Frankfurt Stock Exchange.
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