Eloro Resources Ltd. has announced significant amendments to the payment terms for acquiring full interest in the Iska Iska silver-tin polymetallic project in southern Bolivia through an agreement with Empresa Minera Villegas S.R.L. The revised financial arrangement includes a substantial credit of US$1.8 million specifically allocated for exploration spending on the adjacent Mina Casiterita property, representing a strategic approach to resource development. This credit mechanism allows Eloro to direct capital toward immediate exploration activities while managing cash flow obligations more effectively.
The updated payment schedule now requires cash payments of US$1 million due in 2025 followed by US$1.65 million in 2026, providing the company with extended timelines for capital allocation. Additionally, the agreement covering both the Mina Casiterita and Mina Hoyada properties has been modified to include a US$1.8 million payment obligation within one year of securing mining rights for these properties. The comprehensive arrangement also stipulates the issuance of 200,000 Eloro shares upon the formal transfer of property ownership, creating alignment between the company and its Bolivian partners through equity participation.
The Iska Iska project's strategic importance is enhanced by its road accessibility and absence of royalty obligations, positioning it as a valuable asset in the mineral-rich Potosi Department. These financial adjustments demonstrate Eloro's commitment to advancing its exploration and development initiatives in Bolivia while maintaining fiscal responsibility. The revised terms not only facilitate improved financial management of the project but also strengthen Eloro's operational position within the region's growing mining sector, potentially accelerating the timeline for resource development and future production capabilities at this promising polymetallic property.
