Microsoft Cloud Authors: Andreas Grabner, Janakiram MSV, Jim Kaskade, Lori MacVittie, Pat Romanski

News Feed Item

Eurotin Acquires 100% Interest in Oropesa Tin Project in Spain

TORONTO, ONTARIO -- (Marketwire) -- 02/01/13 -- Eurotin Inc. ("Eurotin" or the "Company") (TSX VENTURE:TIN), is pleased to announce that the necessary agreements for the transfer to Eurotin of a 100% interest in the Investigation Permit for the Company's Oropesa tin property in southwestern Spain (the "Oropesa Tin Property") have now been finalized and signed by the parties.

Pursuant to a Sale and Purchase Agreement (the "SPA") dated January 30, 2013, Sondeos & Perforaciones Industriales Del Bierzo, SA ("SPIB") has now transferred to Eurotin's wholly-owned subsidiary, Minas De Estano De Espana, SLU ("MESPA"), a 100% interest in Investigation Permit Oropesa number 13050 (the "Oropesa IP"). Also, as of January 30, 2013, MESPA and SPIB have entered into a Shareholder Agreement (the Sale and Purchase Agreement and the Shareholder Agreement collectively referred to herein as the "Agreements") relating to their respective continuing interests in the Oropesa Tin Property.

MESPA was originally granted the rights to acquire the Oropesa IP by SPIB in December 2007. It was agreed by the parties that MESPA would acquire a 50% interest by spending EUR1,500,000 on exploration on the Oropesa Tin Property and a further 50% interest by:

  1.  either granting SPIB a 1.35% net smelter royalty ("NSR") or paying    
      SPIB 0.90% of the value of the metal reserves in the Oropesa Tin      
      Property; and                                                         
  2.  agreeing to issue to SPIB a 4% equity ownership in MESPA at the time  
      of commercial production.                                             

MESPA has now satisfied all of the relevant foregoing requirements, which in the case of item 1 above, was satisfied by granting a 1.35% NSR and, as such, the parties have entered into the Agreements to complete the transfer to MESPA of the Oropesa IP.

The salient terms of the Agreements include:

  1.  A transfer to MESPA of a 100% interest in the Oropesa IP.             
  2.  MESPA agrees to deliver a scoping study for the Oropesa Tin Property  
      (the "Scoping Study") by July 2014. In the event that MESPA does not  
      deliver the Scoping Study by July 2014, or the Scoping Study is not   
      positive, a 50% interest in the Oropesa IP shall revert back to SPIB. 
      MESPA, at its option, may extend the deadline for delivery of the     
      Scoping Study by payment to SPIB of EUR20,000 on a quarterly basis    
      until such time as the Scoping Study is delivered.                    
  3.  MESPA shall pay to SPIB a 1.35% NSR from the sale of tin concentrate  
      from the Oropesa Tin Property.                                        
  4.  Upon determination of the feasibility of the project, SPIB shall be   
      issued common shares of MESPA so that SPIB becomes a 4% shareholder of
      MESPA, which percentage ownership shall be fixed and not subject to   
      further dilution.                                                     
  5.  MESPA and SPIB shall establish a technical committee consisting of    
      three individuals, two of which shall be appointed by MESPA and one by
      SPIB. Until delivery of the Scoping Study, all decisions of the       
      technical committee must be unanimous; however, any lack of unanimity 
      cannot delay advancement of the Scoping Study or other project related
      work. Following delivery of the Scoping Study, all decisions of the   
      technical committee shall be effective if taken by a majority of its  
  6.  SPIB shall be contracted by MESPA for all drilling on the Oropesa Tin 
      Property subject to SPIB's capacity to fulfil MESPA's requirements and
      competitive pricing for its services.                                 
  7.  For all other works and matters to do with the commercial exploitation
      of the Oropesa Tin Property, excluding plant construction, SPIB shall 
      be given the opportunity to participate in an open tender process. The
      results from the open tender process will be kept confidential from   
      SPIB and, to the extent that SPIB has presented a bid, SPIB will not  
      participate in the decision making process of the technical committee.
      If however (i) SPIB's quotes for any contract or work are competitive 
      and not more than 2% greater than those of an unrelated third party,  
      and (ii) SPIB can demonstrate that it has equal or better technical   
      ability and equipment to fulfil the contract or work, MESPA agrees to 
      give preferential treatment to use SPIB as the contractor.            

Peter Miller, President & CEO of Eurotin, comments: "Having now fulfilled its obligations for the initial exploration and development of Oropesa, the Company is delighted that the acquisition of our principal asset is now complete and we look forward to the development of Oropesa to realize maximum value for our shareholders."

Forward-Looking Statements

Results presented in this press release are exploratory in nature. Historical data, if mentioned, should not be relied upon, as they are not admissible under NI 43-101 rules and the Company has not conducted sufficient testing to verify this type of information. In addition, this press release includes certain forward-looking statements within the meaning of Canadian securities laws that are based on expectations, estimates and projections as of the date of this press release. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.

Forward-looking statements contained in this press release are based on a number of assumptions that may prove to be incorrect, including, but not limited to: timely implementation of anticipated drilling and exploration programs; the successful completion of new development projects, planned expansions or other projects within the timelines anticipated and at anticipated production levels; the accuracy of reserve and resource estimates, grades, mine life and cash cost estimates; whether mineral resources can be developed; title to mineral properties; financing requirements, general market conditions, and the uncertainty of access to additional capital; changes in the world-wide price of mineral commodities; general economic conditions; and changes in laws, rules and regulations applicable to the Company. In addition to being subject to a number of assumptions, forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to be materially different from those expressed or implied by such forward-looking statements. The Company has no intention or obligation to update the forward-looking statements contained in this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Eurotin Inc.
David Danziger
(416) 641-4940

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, discussed how the ability to access and analyze the massive volume of streaming data from millio...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...