Chubut Regional Exploration Properties
Chubut Province - Project Location Map - Lonco Trapial & Pilar Projects
The Chubut Projects (namely the Lonco Trapial and Pilar properties) are subject to the following CVSA agreement: When Exeter/Extorre drills a total of 10,000 metres on this remaining project area, CVSA will have the right to back into a 60% interest in that project by paying the company 2.5 times its expenditures on that project and carrying the company to the completion of a bankable feasibility study. CVSA may earn an additional 10% project interest (to bring its total interest to 70%) by financing Extorre's share of mine development costs (to be repaid at an agreed rate). Should CVSA not elect to back into a project, its interest will convert to a 2% net smelter return (NSR) from production on that project.