Reservoir Minerals and Rio Tinto Agree an Earn-in and Joint Venture Agreement for Timok Magmatic Complex Properties in Serbia
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/12/15 -- (TSX VENTURE: RMC)(OTC PINK: RVRLF)(BERLIN: 9RE) Reservoir Minerals Inc. is pleased to announce that its subsidiaries, Tilva (BVI) Inc. ("Reservoir" or the "Company") and Global Reservoir Minerals (BVI) Inc. have entered into an earn-in and joint venture agreement ("Agreement") with Rio Tinto Mining & Exploration Limited ("Rio Tinto") relating to Reservoir's four wholly-owned exploration permits in the Timok Magmatic Complex; Nikolicevo, Kraljevica, Coka Kupjatra and Tilva Njagra in Serbia ("TilvaProject"), whereby Rio Tinto will have the option to earn up to a 75% interest in stages by sole funding project expenditure of up to US$75 million. The Agreement is conditional upon Rio Tinto completing satisfactory due diligence within 60 days of signing of the Agreement.
Simon Ingram, President and CEO of Reservoir Minerals Inc., commented: "Reservoir is pleased to be working with Rio Tinto in the Timok belt, in which Reservoir has demonstrated the excellent exploration potential for large scale copper-gold deposits with the recent Cukaru Peki discovery. We look forward to building on Reservoir's experience and success in this belt with Rio Tinto."
Qualified Person
Dr. Tim Fletcher, Chartered Engineer (UK) and Vice President of Exploration for the Company, a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and a consultant to the Company, approved the technical disclosure in this release and has verified the data disclosed.
About Reservoir Minerals Inc.
Reservoir Minerals Inc. is an international mineral exploration and development company run by an experienced technical and management team, with a portfolio of precious and base metal exploration properties in Europe and Africa. It operates an exploration partnership business model to leverage its expertise through to discovery.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Reservoir Minerals Inc.
Chris MacIntyre
VP Corporate Development
+1.416.703.0010
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Datum: 12.11.2015 - 21:05 Uhr
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News-ID 434285
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Mining & Metals
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