Eloro Resources Ltd. has announced amendments to the payment terms for acquiring full interest in the Iska Iska silver-tin polymetallic project in southern Bolivia, in agreement with Empresa Minera Villegas S.R.L. The revised terms include a credit of US$1.8 million for exploration spending on the adjacent Mina Casiterita property, with cash payments of US$1 million and US$1.65 million due in 2025 and 2026, respectively. These financial adjustments provide Eloro with enhanced cash flow management while maintaining progress on the significant mineral project.
The agreement for the Mina Casiterita and Mina Hoyada properties has been updated, requiring a US$1.8 million payment within a year of securing mining rights and the issuance of 200,000 Eloro shares upon property transfer. This restructuring of payment obligations allows Eloro to allocate resources more effectively toward exploration activities while securing its position in the region. The Iska Iska project, accessible by road and free of royalties, represents a significant opportunity in the Potosi Department, known for its rich mineral deposits.
Eloro's strategic adjustments to the payment schedule and adjacent property agreements underscore the company's commitment to advancing its exploration and development efforts in Bolivia. These changes not only facilitate the financial management of the project but also strengthen Eloro's position in the region's mining sector. The modified terms demonstrate the company's proactive approach to project financing and resource allocation in a challenging economic environment for mineral exploration.
The revised agreement structure provides Eloro with greater flexibility to pursue exploration activities while managing capital requirements. The credit arrangement for Mina Casiterita exploration spending represents a strategic approach to maximizing the value of adjacent properties while progressing toward full ownership of the Iska Iska project. This financial restructuring occurs amid growing interest in silver and tin resources, particularly in regions with established mining infrastructure like Bolivia's Potosi Department.
