Titan Minerals Says Joint Venture Partner Earns 51% Total Stake in Ecuador Copper Project
Titan Minerals (ASX:TTM) said Hanrine Ecuadorian Exploration and Mining, a unit of Hancock Prospecting, boosted its stake in the Linderos copper project in Ecuador to 51% by meeting certain milestone conditions under a joint venture and earn-in agreement, according to a Tuesday Australian bourse filing.The milestones included a $2 million cash payment, 10,000 meters of diamond drilling, and aggregate expenditure of $20 million.Titan retains 49% ownership of the project and will be free-carried until Hanrine meets the final milestone to earn an additional 29% interest. A cash payment of $1 million is payable to Titan following completion of the milestone, and this payment will occur upon the transfer of 51% mineral concession ownership to Hanrine.Hanrine's drilling at the project encountered intercepts of 700.4 meters at 0.36% grade of copper-equivalent from 270.3 meters as well as 302.3 meters at 0.32% grade of copper-equivalent from 197.1 meters.
