Cascadero Copper Corporation ("Cascadero") has signed a Share Purchase Agreement with Argentine Frontier Resources Inc. ("AFRI") to acquire the 50% interest in SESA Holdings LLC ("SESA") owned by AFRI by issuing to AFRI 28,000,000 Cascadero common shares and paying $200,000 in cash.
SESA, a Nevada limited liability company, owns 100% of the shares of Salta Exploraciones SA ("SALTA"), which company owns a portfolio of 46 mineral properties in Argentina and has a fully staffed office in the City of Salta, Republic of Argentina.
Cascadero and AFRI are related parties. Each of the directors of AFRI is also a director of Cascadero, and each of the directors of Cascadero is a shareholder of AFRI, or has subscribed to purchase shares of AFRI. Stealth Minerals Limited, a principal shareholder of Cascadero, has also subscribed to purchase shares of AFRI.
An Operating Agreement governs the activities of SESA. The managers of SESA under the Operating Agreement are Bill McWilliam, CEO of Cascadero, and Julio Carvalho.
The exploration portfolio consists of 46 properties totaling 1,028 claims that cover about 102,475 hectares in the provinces of Jujuy, Salta and Catamarca in northwestern Argentina. The properties are all essentially early stage exploration prospects with various geological settings and styles of mineralization, such as:
- Porphyry Cu-Au-Mo
- Volcanic hosted high-sulphidation Ag, Au and Ag-Zn-Pb
- Sediment hosted high-sulphidation Au-Cu
- Granite hosted Au veins and stockwork
- Au-Cu-Hematite veins and breccia IOCG
- Cu-Au-La IOCG
- Polymetallic hot spring (Mn-Pb-Cu-Zn-Mo-Co-V-Sr-Ba)
- Polymetallic epithermal alkali metal (Cs-Rb-Zn-Ag)
- Sediment hosted U
- SEDEX Pb-Zn-Ag
A first phase exploration program consisting primarily of geophysics on nineteen SESA properties is scheduled to start in August and operate until November. Several of the properties exhibit evidence of large-scale mineral systems and management believes that the application of several styles of geophysical surveys should be utilized on each prospect.
The transaction is subject to acceptance by the TSX Venture Exchange.
Chief Executive Officer
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Information provided herein contains forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by Cascadero at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provided and the variations may be material. There is no representation by Cascadero that actual results achieved will be the same in whole or in part as those indicated in the forward-looking statements.