Mr. Blake Fallis reports
ERIN COMPLETES SALE OF BELIZE GOLD PROJECT
Erin Ventures Inc. has completed the sale of 100-per-cent interest in its Ceibo Chico gold prospect and other assets in Belize. It is Erin’s intention to use the net proceeds from this sale, after payment of expenses related to the property, toward development of its higher priority projects.
“It is our ongoing strategy to upgrade our portfolio of projects whenever possible. While the Belize project has potential for the future, we believe our resources are better utilized on our more advanced projects, such as our Serbian boron project,” said Tim Daniels, president.
Erin received a $750,000 cash payment, and will be paid a 3-per-cent net smelter royalty on any hard rock production. Erin has agreed to pay a 1-per-cent NSR to the previous owner. The buyer agreed to spend $350,000 on exploration by the third anniversary of the agreement, failing which the property reverts back to Erin.
We seek Safe Harbor.