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Erin Ventures enters into strategic partnership with Temas Resources for development of Erin’s Piskanja Boron Project in Serbia

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Erin Ventures Inc., a Canadian based international mineral exploration and development company, has entered into a Letter of Intent with Temas Resources for the joint development of Erin’s Piskanja Borate Project in Serbia.

Additional Information:

Company: Erin Ventures Inc.
Website: http://www.ErinVentures.com
Stock Symbol: TSXV: EV
Date Published: Dec 18, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for InvestmentPitch Media

Erin Ventures Inc., a Canadian based international mineral exploration and development company, has entered into a Letter of Intent with Temas Resources for the joint development of Erin’s Piskanja Borate Project in Serbia.

Temas Resources Inc. has been granted an exclusive, irrevocable option to earn up to a 50% equity interest in Balkan Gold, Erin’s wholly owned subsidiary, and holder of the license to the Piskanja Boron Project.

Temas has until February 28, 2021 to complete the due diligence, with the final binding option agreement to be signed no later than April 15, 2021.

Tim Daniels, CEO of Erin, stated: “We are extremely excited by this development. Temas is an exceptionally good fit for this project. Not only are they willing to match their funding commitments for Piskanja with the anticipated equity requirements for project development right through to production, but in addition, they have an experienced management team with like-minded thinking towards the development of Piskanja. Undoubtedly we are stronger with them as our partner.”

Erin’s Serbian properties, located in a historical mining region, have excellent infrastructure including paved roads, rail, electric power, experienced miners, good access to seaport and river transportation and is 250 km south of the capital city of Belgrade.

Erin's wholly owned Piskanja boron deposit, held by Balkan Gold, its wholly-owned Serbian subsidiary, has a Mineral Resource Estimate with an indicated mineral resource of 7.8 million tonnes averaging 31.0 % boron trioxide (B2O3), and an inferred resource of 3.4 million tonnes averaging 28.6 % boron trioxide (B2O3), calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves (CIM Standards).

The Mineral Resource Estimate, updated in February 2019 by SRK Consulting, is available on Sedar.

Michael Dehn, CEO of Temas added: “Having the ability to work on a very advanced project with a very high demand commodity that would be the only European production of borates should add significant shareholder value, along with our ilmenite deposits in Canada. Having access to premier projects that could produce products that end up in consumer and industrial products should allow Temas evolve from an explorer to producer.”

Under the terms of the option, Temas must expend a total of €10.5 million within a 36-month period, towards the development of the Piskanja Project.

Upon receiving approval of the option transaction, Temas will pay 250,000 shares and 250,000 warrants, with the warrants exercisable at $1.00 for 48 months.

For every €210,000 advanced to the Project, Temas will earn an addition 1% of Balkan Gold, to the maximum of 50%.

Erin will remain operator of the project until Temas has earned its 50% interest, whereby Temas will become the operator.

For those unfamiliar with boron, it is difficult to comprehend its variety of uses.

For example, a few examples include construction, manufacturing, medicine, science, microelectronics, pharmaceuticals, telecommunications, space travel, communication satellites, specialty metals, and battery technology.

As there are very few substitutes for borates, especially in high-end applications and agriculture, these markets are expected to grow as global population grows and becomes more affluent.

Erin’s shares are trading at $0.07.

For more information please visit the company’s website www.ErinVentures.com or contact Blake Fallis, General Manager, at 250-384-1999 or email info@ErinVentures.com.

I’m Cassandra Bolinski for InvestmentPitch Media