Zinc One Resources Inc. (TSXV: Z) (OTC: ZZZOF) (FSE: RH33) announced this morning that Nubian Resources Ltd. (TSXV: NBR) finished its due diligence to purchase the Esquilache silver-lead-zinc project from Zinc One. Under the terms of the letter of intent announced in September, the entry into the definitive purchase agreement was to take place on November 24th, however, due to the additional time needed to complete the due diligence process, the companies have agreed to extend the entry into the definitive purchase agreement to December 22, 2017. Notably, $25,000 has been advanced to Zinc One, which reduces the cash amount owing on closing from $125,000 to $100,000, which will be in addition to common shares and annual advanced Net Smelter Royalty (NSR) payments specified by the letter of intent. Jim Walchuck, President and CEO of Zinc One, stated, “Zinc One is very pleased to complete this agreement that secures some financing for the Company allowing us to focus on our Bongará and Charlotte Bongará Peru projects which are of higher priority for us.”
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About Zinc One Resources, Inc.
Zinc One is focused on the acquisition, exploration and development of prospective and advanced zinc projects in mining-friendly jurisdictions. Zinc One’s key assets are the Bongará Mine and Charlotte-Bongará Zinc-Oxide Projects in north-central Peru. The Bongará Zinc-Oxide Mine Project was in production from 2007 to 2008, but shut down due to the global financial crisis and concurrent decrease in the zinc price. Past production included 20% zinc grades and recoveries over 90% from surface and near-surface nonsulfide zinc mineralization. High-grade nonsulfide zinc mineralization is known to outcrop between the mined area and the Charlotte-Bongará Zinc-Oxide Project, which is nearly six kilometers to the north-northwest and where past drilling intercepted various near-surface zones with high-grade zinc. Zinc One is managed by a proven team of exploration geologists and engineers who have previously constructed and operated successful mining operations. For more information, visit the company’s website at www.ZincOne.com.
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