HUGE NEWS OUT THIS MORNING: Henderson, NV (ACCES
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Henderson, NV (ACCESSWIRE) 9/5/2013 7:00:00 AM - Trulan Resources Inc. (OTC PINK: TRLR) (the "Company" or "Trulan") reports that management has asked for, and been granted by the Vendor, an amendment to the original agreement whereby Trulan has the right to acquire a 100% interest in the IGP Project in central Chile.
The Definitive Agreement, which was entered into on February 26, 2013, originally stated that Trulan will have 16 months from the date of signing in which to complete the construction portion of the pilot plant prior to initial mining and processing of the ore bodies on the property. The amendment to the agreement extends this period of time from 16 months to 32 months. Additionally, a further 90 days will accommodate mechanical and process testing of the infrastructure on a ramp-up basis to ensure that mining operations proceed as planned.
Upon the successful conclusion of the testing phase all ownership of the project and property will be deemed to have been earned and all right and title shall be transferred to the Company. This concession granted to Trulan by the Vendor will ensure the success of the project and removes any impediment to construction that may arise due to unforeseen delays.
Once the transfer has been completed and mining operations are underway, Trulan's financial obligation to the Vendor will be the payment of thirty-three and one third (33 1/3) percent of the net profits that arise from the production and sale of all products derived from the IGP Project. Such payments are to begin only after the capital costs associated with the establishment and construction of the pilot plant have been recouped by the Company.
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