Emerita Resources Enters into Option Agreement to Sell Its Las Morras Project
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
EMERITA RESOURCES ENTERS INTO OPTION AGREEMENT TO SELL ITS LAS MORRAS PROJECT
Toronto, Ontario, November 14, 201 7 – Emerita Resources Corp. (the “Company” or
“Emerita”) (TSX-V: EMO) has entered into a binding letter agreement (the “Agreement”) with
Copper One Inc. (“Copper One”) pursuant to which Emerita has granted Copper One an option
to acquire a 100% interest in the Las Morras gold project (the “Project”) located in the
Extremadura region of Spain.
The Option
Pursuant to the Agreement, Emerita has granted to Copper One an option (the “Option”) to
acquire a 100% interest in the Project. As consideration for the Option, Copper One has paid
$25,000 to Emerita in cash and shall pay an additional $75,000 in cash to Emerita on or before
January 14, 2018.
In order to exercise the Option and acquire a 100% interest in the Project, Copper One shall:
o pay $100,000 in cash to Emerita on or before November 14, 2019;
o spend $500,000 on exploration activities on the Project on or before November 14, 2019;
o pay $250,000 in cash to Emerita on or before November 14, 2020;
o spend $1,500,000 on exploration activities on the Project on or before November 1 4,
2021; and
o grant to Emerita a 2% net smelter returns royalty on the Project (col lectively, the
“Consideration”).
Emerita will hold the Project in trust for Copper One until Copper One exercises the Option and
the Project is assigned and transferred to Copper. If Copper One does not exercise the
Option, Emerita will retain the Projec t. During the option period, Copper One will have the
right to designate the operator of the Project.
The Transaction is an arm’s length transaction and Emerita is not paying any finder’s fees in
connection therewith.
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and
development of mineral properties with a primary focus on exploring in Spain and Brazil. The
Company’s corporate office and technical team are based in Sevilla, Spain with an
administrative office in Toronto, Canada.
For further information, contact:
Joaquin Merino
+34 (628) 1754 66 (Spain)
Helia Bento
+1 416 309 4293 (Toronto)
65 Queen Street West, Suite 800, Toronto, ON, Canada, M5H 2M5
Cautionary Note Regarding Forward-looking Information
This press release contains “ forward-looking information ” within the meaning of applicable
Canadian securities legislation. Forward -looking information includes, without limitation,
statements regarding the Transaction, Copper One’s ability to exercise the Option and the
Company’s future plans. Generally, forward-looking information can be identified by the use of
forward-looking terminology such as “ plans”, “expects” or “does not expect ”, “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not
anticipate”, or “believes”, or variations of such words and phrases or state that certain actions,
events or results “may”, “could”, “would”, “might” or “will be taken ”, “occur” or “be
achieved”. Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity, performance or
achievements of Emerita, as the case may be, to be materially different from those expressed
or implied by such forward-looking information, including but not limited to: general business,
economic, competitive, geopolitical and social uncertainties; the actual results of current
exploration activities; risks associated with operation in foreign jurisdictions; ability to
successfully integrate purchased properties or mining rights awarded; foreign operations risks;
and other risks inherent in the mining industry. Although Emerita has attempted to identify
important factors that could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such information w ill
prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on
forward-looking information. Emerita does not undertake to update any f orward-looking
information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM
IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.