Eco Ventures and Broken Hills sign exploitation agreement

23 October 2011 (Last Updated October 23rd, 2011 18:30)

Eco Ventures Group (EVGI) has signed a mineral exploitation agreement with Broken Hills to recover the precious metals from mine claims in Nevada, US.

Eco Ventures Group (EVGI) has signed a mineral exploitation agreement with Broken Hills to recover precious metals from mine claims in Nevada, US.

Under the terms of the agreement, the ore containing precious metals will be concentrated using EVGI's technology and will be shipped to EVGI's precious metal extraction facility in Groveland, Florida.

Broken Hills will operate the mine site and provide EVGI with concentrated ore for processing in its 5,000tpa extraction facility in Florida.

Both firms will share the profits of the precious metals extracted from the ore in a 60:40 ratio.

In the second phase of the agreement, EVGI will operate the mine site and process the ore for a 90% share of the first 20,000t, and a 95% share of the precious metals recovered after 20,000t is processed.

The mine claims cover about 3km in the north-western region of Nevada with access to about 25Mt of ore.