Exploration adit entrance at Don Enrique project. Source: EV Resources
Market Herald logo


Be the first with the news that moves the market
  • EV Resources (EVR) reduces the purchase price for the Don Enrique project acquisition by US$150,000 (A$214,000)
  • EVR recently announced it would acquire Minera Montserrat, who owns the copper-gold-silver project in Peru, for US$1.3 million but this has been reduced to US$1.15 million
  • Under the agreement, EV Resources will immediately acquire 50 per cent of Montserrat with the remaining stake subject to a two-year option
  • EV Resources plans to undertake field activities at the Don Enrique project ahead of diamond drilling
  • Company shares are trading down 6.82 per cent at 4.1 cents each

EV Resources (EVR) has revised the acquisition terms for the Don Enrique copper-gold-silver project in Peru.

The acquisition was announced at the end of February and would see EV Resources acquire Minera Montserrat, the Peruvian company who fully owns the Done Enrique project.

Originally, the total consideration was US$1.3 million (A$1.87 million) however this has been reduced to US$1.15 million and still payable over two years.

The company hasn’t disclosed the reasoning behind the price change.

Under the agreement, EV Resources will immediately acquire 50 per cent of Montserrat with the remaining stake subject to a two-year option.

The Don Enrique copper-gold-silver project includes four licences covering a combined 1800-hectare area. It is located roughly 260 kilometres from the nation’s capital of Lima.

EVR considers the asset to be a ‘compelling exploration project’ as it previously returned significant sampling results and has available infrastructure, water, power and road access.

When it first announced the acquisition, EV Resources said it would initially undertake sampling, mapping and geophysical surveys to better define mineralisation at depth. The company also intends to conduct diamond drilling once approvals are received.

Company shares were down 6.82 per cent to trade at 4.1 cents at 3:03 pm AEST.

EVR by the numbers
More From The Market Herald
Countplus (ASX:CUP) - Incoming CEO, Hugh Humphrey

" Hugh Humphrey appointed CEO of Countplus (ASX:CUP)

Investment services company CountPlus (ASX:CUP) has appointed Hugh Humphrey as the company's CEO, effective July 1.

" ASX employee tests positive for Covid-19

The ASX says an employee has contracted Covid-19.

" ASIC launches official investigation into ASX market outage

The ASX has confirmed today it is officially under investigation from the Australian Securities and Investments…

" ASX sheds more light on last week’s market tech failure

The Australian Securities Exchange has shed some more light on the nature of last week's market…