Terra Firma Signs MOU for Gold and Copper Property in South Sulawesi, Indonesia

Terra Firma Resources Inc. (TSX VENTURE:TFR) ("Terra Firma" or "the Company") is
pleased to announce that the Company, through its wholly owned Indonesian
subsidiary, PT. Terra Mineral Resources Indonesia, has entered into an
memorandum of understanding ("MOU") with Pt. Mutiara Surya Mallawa ("Mutiara")
and TirtaWinata ("Tirta"), under which the Company has the option to acquire 75%
of the issued and outstanding shares of Mutiara. Mutiara is an Indonesian
mineral exploration company that holds a mineral exploration license in respect
of an initial 800 hectare property in South Sulawesi, Indonesia (the "Mallawa
Property") which is prospective for Gold and Copper. In addition, Mutiara is
expected to acquire an additional 10,000 hectares of prospective lands (the
"Additional Properties") located within the 25 kilometre radius "area of
interest" defined in the MOU.


In exchange for Mutiara and Tirta entering into the MOU, Terra Firma is required
to pay an aggregate of US$100,000 to the shareholders of Mutiara, US$25,000 of
which was paid on execution of the MOU and US$75,000 of which is payable within
60 days following the later of the date on which the MOU is approved by the TSX
Venture Exchange and a NI43-101 report on the Mallawa Property is completed. The
MOU contemplates that, following approval of the MOU by the TSX Venture
Exchange, the parties will enter into an option agreement (the "Option
Agreement") granting Terra Firma an option to acquire 75% of the issued and
outstanding shares of Mutiara. Terra Firma is required to pay an additional
US$100,000 and issue 100,000 common shares to Mutiara's shareholders on
execution of the Option Agreement.


Under the Option Agreement, to successfully exercise the option to acquire 75%
of the outstanding shares of Mutiara, Terra Firma will be required to: (1) pay
an additional US$200,000 to Mutiara's shareholders within 18 months of the
approval of the MOU by the TSX Venture Exchange; (2) issue a further 200,000
common shares to Mutiara's shareholders on the later of the date on which Terra
Firma exercises the option and the date which is 120 days following execution of
the Option Agreement; (3) issue a further 200,000 common shares to Mutiara's
shareholders on thelater of the date on which Terra Firma exercises the option
and the date which is 18 months following execution of the Option Agreement; and
(4) fund US$1.75 million in exploration expenditures on the Mallawa Property and
the Additional Properties, including at least US$250,000 in expenditures in the
first year of the Option Agreement.


As part of the transaction, Terra Firma will pay a finder's fee of US$32,000 and
40,000 common shares, representing 8% of the cash payable and shares issuable by
Terra Firma under the MOU and Option Agreement. 


The entering into of the MOU and the Option Agreement and the payments of cash
(other than the initial US$25,000 payment) and issuances of shares thereunder
are subject to the approval of the TSX Venture Exchange. All shares issuable
under the transaction will be subject to a four month hold period.


Brian Buchanan, CEO of Terra Firma said, "We are excited to start our NI43-101
exploration program on this prospective Gold and Copper property acquisition,
because of its geological potential and its proximity to good infrastructure.
This property fits well into our plan to develop a balanced portfolio of
properties through a combination of grassroots prospecting, property
acquisitions and the formation of strategic relationships in Java, Sumatra and
Sulawesi Indonesia."


Terra Firma also announces that it has provided notice to the company that
optioned the Restigouche Property in Quebec to Terra Firma, that Terra Firma has
decided to withdraw from its property option agreement respecting the property
and give up its interest in the property. Pursuant to the terms of the property
option agreement, the claims comprising the Restigouche Property will revert to
the optionee.


About Terra Firma Resources

Terra Firma is a mineral exploration company headquartered in Vancouver, BC,
Canada. The Company's objective is to develop a balanced portfolio of properties
through a combination of grassroots prospecting, property acquisitions and the
formation of strategic relationships. The Company is currently investigating a
number of potential prospects in Java, Sumatra and Sulawesi Indonesia.


If you are not currently on the Terra Firma updates list, please send in your
email address to info@terrafirmaresources.com. The Company will send out regular
updates and news releases to everyone who asks to be on the list. For further
information about the Company visit the website at www.terrafirmaresources.com
or SEDAR at www.sedar.com or Jamie Hyland, Tribeca Capital Partners Inc. at
(604) 998-4730. 


ON BEHALF OF THE BOARD

Brian Buchanan

Chief Executive Officer and Director

This Company Press Release contains certain "forward-looking" statements and
information relating to the Company that are based on the beliefs of the
Company's management as well as assumptions made by and information currently
available to the Company's management. Such statements reflect the current
risks, uncertainties and assumptions related to certain factors including,
without limitations, competitive factors, general economic conditions, customer
relations, relationships with vendors and strategic partners, the interest rate
environment, governmental regulation and supervision, seasonality, technological
change, changes in industry practices, and one-time events. Should any one or
more of these risks or uncertainties materialize, or should any underlying
assumptions prove incorrect, actual results may vary materially from those
described herein.
(TSXV:TFR)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024