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Adventus, Salazar adding 2nd project to Ecuador exploration alliance

Adventus Zinc Corp. and Salazar Resources Ltd. entered into a definitive agreement to transfer Salazar's early stage Santiago gold-silver property to the companies' Ecuador exploration alliance, according to a May 23 release.

The two companies agreed in September 2017 to conduct joint exploration in Ecuador, with Adventus owning an 80% interest and a Salazar holding the remainder, and to completing a deal for Adventus to earn a 75% interest in Salazar's polymetallic Curipamba project.

Adventus will issue 1,166,667 common shares to Salazar upon the earliest of either Adventus raising at least C$3 million, Adventus completing a merger or acquisition involving its shares, or March 1, 2019. If the shares are valued at less than C$1.2 million at the time of issuance, Adventus will make up the difference, capped at 250,000 shares.

The company will also pay Salazar US$75,000 in cash, comprising an initial US$50,000 with the rest due upon transfer of the project, and will fund US$500,000 worth of exploration over 24 months.

The initial 24-month work program will include prospecting, sampling, mapping, mineralogy and geophysics ahead of drilling.

Adventus and Salazar noted that Santiago is also subject to a 1.5% net smelter royalty, which can be repurchased for US$1 million, as well as a 4% net profits interest royalty in favor of INV Metals Inc.