Lightning Minerals Expands Lithium Prospects in Brazil with New Option Agreement

MT Newswires Live08-14

Lightning Minerals (ASX:L1M) entered an exclusive call option agreement, according to a Wednesday filing with the Australian bourse.

The exclusive call option agreement gives the company a 24-month, low-cost option to acquire the EsperanÃ§a project in Brazil's Minas Gerais from BRS Hill Stones MineraÃ§Ã£o e Transportes, or BRS.

Lightning Minerals will pay BRS a total of AU$100,000. Out of this, AU$50,000 upon signing and AU$50,000 within 12 months. Additionally, the miner will make monthly payments of AU$5,000 throughout the 24-month term.

If the miner exercises the option or terminates it early, no further monthly payments will be required, it said.

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