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Inca Minerals Limited (ASX: ICG), Subiaco and the international mining company South32 (ASX: S32) signed an exclusive option agreement (EOA) regarding the project Riqueza (veins and beds with high Zn, Ag, Pb grades) of Inca.

Notable aspects are:

  • South32 finances a geophysical survey worth US$275,000 at project Riqueza
  • The amount to be financed covers the aero-magnetic, radiometric and digital surveys, including interpretation and generation of targets (AMAG-RAD)
  • As a return, Inca grants South32 with: an exclusive option to acquire the majority share in the project under the terms to be agreed upon (Option 1) and, if Option 1 is chosen, but the agreement is not executed.
  • One exclusive option to combine any other bid in good faith for the Project or part of it (Option 2).

Inca and South32 agreed in advance the conditions and key principles for the agreement.