Mirasol doubles Sobek copper-gold project through SQM option agreement

Mirasol Resources announced the signing of a landmark option agreement with Sociedad Quimica y Minera de Chile SA doubling the size of the flagship Sobek Copper-Gold Project in the Vicuna Copper-Gold-Silver District of northeast Chile. The SQM Property covers 11,500 hectares extending the Sobek Project to the west and to the east, and unifying the Sobek Central block with the Sobek North block which was an important factor in this consolidation. The combined property has doubled Mirasol’s land holding in the district for a total of 22,640 hectares. The eastern portion of the Rosita property positions Mirasol within 3 kilometers of the giant Filo Del Sol Project and the Sobek North block is 3 kilometers from Lunahuasi discovery both within the heart of the Vicuna Copper-Gold district. SQM has granted Mirasol the exclusive option to earn 80% of the Rosita Project over 6 years, subject to a 2.0% NSR royalty, by: Incurring US$4 million in exploration expenditures Year 1: $150,000 Year 2: $250,000 Year 3: $400,000 Year 4: $700,000 Year 5: $1.0 million Year 6: $1.5 million Making annual option fee payments for a total of $3 million over 6 years At signing: $30.000 Year 1: $45,000 Year 2: $75,000 Year 3: $200,000 Year 4: $350,000 Year 5: $700,000 Year 6: $1.6 million Upon completion of the option, Mirasol will have earned an 80% interest in the Rosita Project and SQM will retain a 20% interest plus a 2% NSR. Mirasol and SQM will then form a Chilean Mining Contractual Company covering the Rosita Project with 80% of the Shares owned by Mirasol and 20% of the Shares owned by SQM.