Deep-South has Signed an Off Take Agreement with Euro Alloys Ltd on its Haib Copper Project in Namibia
(TheNewswire)
Vancouver, B.C., Canada / TheNewswire / March 8, 2019 – Deep-South Resources Inc. ("Deep- South" or “the Company") (TSX-V: DSM) announces that it has entered into an off-take agreement with Euro Alloys Ltd (“Euro Alloys”) for 20% of the eventual annual production from the Haib Copper project in Namibia. Euro Alloys has acquired shares of Deep-South in the recent private placement closed on March 5, 2018 and holds 8.04 % of Deep-South’s share capital.
Euro Alloys shall have the right to buy up to 20,000 metric tons per annum of the expected production of copper cathodes produced at Haib Copper representing about 20% of the eventual production. The buying price will be established by the average Grade A copper cash price published by the London Metal Exchange (“LME”) for the month prior to the acquisition. The price will be discounted of US $ 10 per metric ton and discounted of the transport cost to load port.
Euro Alloys has the right to appoint a Director to the Board of Directors of Deep-South. The nomination will be conditional to the approval of the TSX Venture Exchange. Euro Alloys has also been granted an option to acquire one (1) million common shares of Deep-South at an exercise price of $0.15 during a period of twelve (12) months from the date of the agreement.
Mr. John Akwenye, Chairman of Deep-South stated, “We are very happy with this transaction. Euro Alloys will bring a lot of knowledge and contacts to help in the development of the Haib Copper project. We are confident that Euro Alloys will be an added value for our shareholders.”
About Euro Alloys Ltd
Formed in 1990, Euro Alloys is a Proprietary Trader specialising in the purchase and sale of Aluminium and Copper Rod and other base metals products, including Copper, Zinc and Lead in the form of scrap, primary and secondary products with activity throughout the World. Euro Alloys is a subsidiary of the Sural Group, which was founded in Venezuela in 1975 and present in Quebec, Canada since 1993. Sural produces excellent quality aluminium rods for electrical and mechanical applications. www.euro-alloys.com
About Deep-South Resources Inc.
Deep-South Resources Inc. is a mineral exploration company largely held by
Namibian shareholders and Teck Resources Ltd, which holds about 35% of Deep-South share capital. Deep-South currently holds 100% of the Haib Copper project in Namibia, one of the largest copper porphyry deposits in Africa.
Deep-South’s growth strategy is to focus on the exploration and development of quality assets, in significant mineralized zones, close to infrastructure, in stable countries.
This press release contains certain "forward-looking statements," as identified in Deep- South’s periodic filings with Canadian Securities Regulators that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.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.
More information is available by contacting Pierre Léveillé, President & CEO at
+1-819-340-0140 or at: info@deepsouthresources.com or Paradox Public Relations at +1-514-341-0408.
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