$ORRP latest news on watch, Oroplata Eliminates NS
Post# of 23603
Posted On: 07/07/2016 10:31:26 AM
$ORRP latest news on watch, Oroplata Eliminates NSR to Increase Net Interest in Nevada Lithium Project
http://finance.yahoo.com/news/oroplata-elimin...00995.html
RENO, Nev., June 24, 2016 (GLOBE NEWSWIRE) -- Oroplata Resources, Inc. (“Oroplata” or the “Company”) (ORRP) is pleased to announce it entered into an agreement with the vendor of the Western Nevada Basin Project ("WNB Project"
to immediately eliminate the existing net smelter royalty (“NSR”).
With the elimination of the overriding NSR, Oroplata will now acquire a true 100% interest in the WNB Project. The vendors of the project agreed to remove the originally proposed NSR for a consideration of 636,943 shares of common stock in the Company.
The WNB Project covers the central portion of an area first identified as lithium rich by the United States Geological Survey. The WNB Project includes 500 mining claims covering approximately 10,000 acres. The Company also has an exclusive option to acquire an additional 600 mining claims for a total of 22,000 acres.
Craig Alford, Oroplata’s CEO commented, “This cashless transaction to remove the potential burden of a long-term 3rd party royalty is a significant achievement for the Company. It gives us full rights and control over the development of the exciting Western Nevada Basin Project and should make it much easier to negotiate any potential supply contracts with lithium carbonate end users as anticipated demand increases in the region.”
http://finance.yahoo.com/news/oroplata-elimin...00995.html
RENO, Nev., June 24, 2016 (GLOBE NEWSWIRE) -- Oroplata Resources, Inc. (“Oroplata” or the “Company”) (ORRP) is pleased to announce it entered into an agreement with the vendor of the Western Nevada Basin Project ("WNB Project"
to immediately eliminate the existing net smelter royalty (“NSR”). With the elimination of the overriding NSR, Oroplata will now acquire a true 100% interest in the WNB Project. The vendors of the project agreed to remove the originally proposed NSR for a consideration of 636,943 shares of common stock in the Company.
The WNB Project covers the central portion of an area first identified as lithium rich by the United States Geological Survey. The WNB Project includes 500 mining claims covering approximately 10,000 acres. The Company also has an exclusive option to acquire an additional 600 mining claims for a total of 22,000 acres.
Craig Alford, Oroplata’s CEO commented, “This cashless transaction to remove the potential burden of a long-term 3rd party royalty is a significant achievement for the Company. It gives us full rights and control over the development of the exciting Western Nevada Basin Project and should make it much easier to negotiate any potential supply contracts with lithium carbonate end users as anticipated demand increases in the region.”
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