Hunter Resources PLC Further Revised Terms re. the Pampamali Project (5891J)

TIDMHUN

RNS Number : 5891J

Hunter Resources PLC

08 April 2015

8 April 2015

Hunter Resources plc

("Hunter" or the "Company")

(AIM: HUN)

Further Revised Terms of Agreement with the Owner of Pampamali

Following the Company's announcements on 19 March 2015 and 22 December 2014, the board of Hunter is pleased to announce that it has completed negotiations of the improved terms to the Joint Venture agreement with the current owner of the Pampamali Project (as defined in the announcement of 9 June 2014). Hunter now has the right to acquire a 51% interest in the Pampamali Project at any time, but no later than 12 months from the receipt of the DIA (an environmental impact assessment), for a further reduced payment of US$90,000 as against US$115,000 (as previously announced on 22 December 2014). In addition, as part of the improved terms Hunter has agreed to assume certain 2014 tenement costs totaling US$34,000, previously payable by the current owner. The savings to Hunter as a result of the improved terms are now circa US$601,000 compared to the amounts outlined in the Company's AIM Admission Document and announcement of 9 June 2014.

The revised Joint Venture agreement has now been entered into.

Simon Hunt, Executive Chairman of Hunter, said: "The finalisation of the revised Joint Venture Agreement with the owner of Pampamali is an important step for the Company and we are delighted to have improved the terms on which we can move to a controlling interest."

For further information, please contact:

 
Hunter Resources PLC       Allenby Capital Limited 
 Simon Hunt                 (Nominated Adviser and Broker) 
 (Chairman)                 Nick Harriss/Nick Naylor 
 [phone] 
 www.hunter-resources.com   [phone] 
 
                            www.allenbycapital.com 
 

Description of the Pampamali Project

The Pampamali Project, Hunter's first project, is a high-grade gold, silver and base metal project in Peru.

Pampamali consists of 36 veins identified from surface outcrops. The high-grade veins have mapped outcrops of between 100 and 2,000 metres in length, with widths ranging from 0.20 to over 3.00 metres. The Pampamali Project has 8 exploration concessions covering a total area of 3,500 hectares and is located in central Peru in the Department of Huancavelica, approximately 550 km by road from the city of Lima.

This information is provided by RNS

The company news service from the London Stock Exchange

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