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Darien to assume Cristal copper project option, rebrand as New Energy Metals

Darien Resource Development Corp. said March 1 that it signed an agreement with Artemis Mining SpA to assume an option to acquire the Cristal copper project in Chile.

Under the deal, Darien will pay Artemis US$150,000 for its expenses and property payments, then complete US$4.5 million in staged payments over four years to property owner Patrick Burns.

The vendor will retain a 3% net smelter royalty, in which up to 2% NSR can be bought back for US$2 million per 1% NSR. Darien will conduct an up to six-hole drilling program, focused on testing an area that was identified by historic exploration.

Meanwhile, the company intends to change its name to New Energy Metals Corp., expected to take place by the end of the month.