Under the terms of the agreement, MARTE earned an additional 20% interest by spending US$1,250,000 in mineral exploration expenditures on the Lipeña copper-gold project.
These funds were used to construct underground adits at Lipeña to establish access into a known structure to obtain samples for metallurgical testing and bulk samples.
MARTE intersected a shear zone averaging 10.5 metres in thickness and a composite sample across the zone returned values of 150 grams per tonne silver, 4.2% copper, 2.1% zinc, 0.5% lead and 0.8% antimony (reported October 30, 2013).
Completion of this transaction results in MARTE holding 62.4% and New World holding a 37.6% interest in Lipeña. Further exploration work will be borne by each New World and MARTE on a pro rata basis.
New World also announces that the Letter of Intent between the Company and Sociedad Contractual Minera in relation to the El Tesoro copper-gold project (reported February 25, 2013) has expired and the Company has elected not to extend negotiations any further.
Exploration work for the Company on the Lipeña project is under the supervision of Brian McEwen, P.Geol., the Company’s Chief Operating Officer, who is a "qualified person", as defined in NI 43 101, and is responsible for the preparation of the technical information contained in this news release.
