VICTORIA, Aug. 23 /CNW/ - Erin Ventures Inc. (TSX-Venture: EV) is pleased to report that it has entered into a Letter of Intent to sell 100% undivided right, title and interest together with related assets, of its Ceibo Chico gold prospect in Belize. This sale, to an arm's length party, is subject to a 3% NSR Royalty. It is Erin's intention to use the proceeds from this sale to advance its other, higher priority projects.
"It is our strategy to upgrade our portfolio of projects, whenever possible. While the Belize project has potential, we feel that our human and financial resources are better utilized on our other, more advanced projects," said Tim Daniels, President.
The main terms of the agreement are as follows:
1. A $50,000 non-refundable deposit is payable to Erin within 2 weeks
of completion of due diligence.
2. An additional $700,000 cash payment is due to Erin upon closing.
3. Erin retains a 3% NSR on any hard rock production. The buyer may
purchase the NSR from Erin for $1 million per point, or $3 million
4. The buyer agrees to spend $350,000 on exploration by the third
anniversary of the agreement or the property reverts back to Erin.
5. Closing is within 60 days of, and subject to, completion of due
On behalf of the Board of Directors,
Blake Fallis, CFO
Erin's Public Quotations:
TSX Venture: EV
SEC 12G3-2(B) No. 82-4432
Berlin Stock Exchange: EKV
Neither the 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
Forward Looking Statements
This release contains forward looking statements. The words "believe," "expect," "feel," "plan," "anticipate," "project," "could," "should" and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.
SOURCE ERIN VENTURES INC.
For further information: For further information: Erin Ventures Inc., Blake Fallis, General Manager, Phone: 1-250-384-1999 or 1-888-289-3746, www.erinventures.com;