Lundin Agreement to Acquire Interest in Timok Project From Freeport and Reservoir Right of First Refusal
07.03.2016 | Marketwire
VANCOUVER, March 7, 2016 - Reservoir Minerals Inc. (TSX VENTURE:RMC) (OTC PINK:RVRLF) (BERLIN:9RE) confirms that its subsidiary Global Reservoir Minerals (BVI) Inc. ("Reservoir") has received a notice of sale and offer from Freeport International Holdings (BVI) Ltd. ("Freeport") (the "Notice of Sale and Offer"), wherein Freeport (i) provides notice to Reservoir of the proposed sale to Lundin Mining Corp. ("Lundin") of an interest in Freeport International Holdings (BVI) Ltd., the entity through which Freeport holds its interest in the Timok Joint Venture in Serbia, under a Joint Venture/Shareholders Agreement dated December 15, 2015 among Freeport, Reservoir and Timok JVSA (BVI) Ltd. (the "Joint Venture Agreement"); and (ii) offers to sell to Reservoir on the same terms and conditions as those agreed with Lundin pursuant to Reservoir's right of first refusal under Section 15.04 of the Joint Venture Agreement. Reservoir has until May 3, 2016 to decide whether it will exercise its right of first refusal.Reservoir has been in discussions with Freeport and several other parties in relation to Freeport's interests in the Timok Joint Venture over the past few months. Reservoir is evaluating the Notice of Sale and Offer and will update the market in due course.
Further details of the terms of Freeport's agreement with Lundin can be found on Lundin's website:
http://lundinmining.mwnewsroom.com/Files/3d/3d1bd478-cddb-4a56-892a-0a56a4a33511.pdf
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.
Contact
Reservoir Minerals Inc.
Chris MacIntyre, VP Corporate Development
+1.416.703.0010
chris@reservoirminerals.com
www.reservoirminerals.com