Cordoba MineralsCorp. said April 6 that its joint venture partner at the copper-gold projectin Colombia, High Power ExplorationInc., has begun the first phase of the agreement where HPX can earna 25% interest in the project by spending C$6 million on exploration.
HPX is a private firm indirectly controlled by Robert Friedland.
HPX has already completed an initial C$2.5 million explorationprogram, which has allowed the initial phase to start. HPX committed the funds viaprivate placement.
In the second phase, HPX can earn a 51% interest in the projectby spending an additional C$10.5 million. According to the option agreement, HPXcan earn up to 65% in the project by carrying it to feasibility.
HPX has also acquired a 50.1% direct interest in for approximatelyUS$3.3 million. The joint venture has an optionto acquire 100% of the Alacran copper-gold project, which is located within theSan Matias project. The JV is completing a 3,000-meter drill program as part ofthe agreement.
HPX will have a 50.1% share of option payments and royaltiesattributable to OMNI under the Alacran earn-in agreement.
Cordoba also said that a definitive agreement for the acquisitionof Alacran has been completed, with Cordoba issuing 100,000 warrants that will allowthe holder to acquire 1 common share for 21 cents until April 1, 2018.