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Centenera amends option deals for Argentine precious metals properties

Centenera Mining Corp. is amending option agreements with Tres Cerros Exploraciones SRL covering eight precious metals properties in Argentina.

The company will be granted an option to fully acquire the properties via staged cash and common share payments, subject to a net smelter returns royalty.

Centenera will need to pay a total of US$2.9 million and issue 16 million shares over six years to earn an 80% stake under the first stage.

It will then be required to pay C$400,000, issue shares of the same value and grant a 0.75% NSR to secure the remaining 20% interest. Two-thirds of the NSR can be bought back at any time for C$1 million.

If Centenera does not exercise the second option, the parties will be deemed to have entered into a joint venture on an 80/20 basis.

Additionally, the company said it withdrew from an option deal to acquire the El Penon project, also in Argentina, after a review of its portfolio determined that the property should be relinquished and returned to the owner.