RENO, Nev., June 24, 2016 (GLOBE NEWSWIRE) -- Oroplata Resources, Inc. (“Oroplata” or the “Company”) (OTCBB:ORRP) is pleased to announce it entered into an agreement with the vendor of the Western Nevada Basin Project ("WNB Project") to immediately eliminate the existing net smelter royalty (“NSR”).
With the elimination of the overriding NSR, Oroplata will now acquire a true 100% interest in the WNB Project. The vendors of the project agreed to remove the originally proposed NSR for a consideration of 636,943 shares of common stock in the Company.
The WNB Project covers the central portion of an area first identified as lithium rich by the United States Geological Survey. The WNB Project includes 500 mining claims covering approximately 10,000 acres. The Company also has an exclusive option to acquire an additional 600 mining claims for a total of 22,000 acres.
Craig Alford, Oroplata’s CEO commented, “This cashless transaction to remove the potential burden of a long-term 3rd party royalty is a significant achievement for the Company. It gives us full rights and control over the development of the exciting Western Nevada Basin Project and should make it much easier to negotiate any potential supply contracts with lithium carbonate end users as anticipated demand increases in the region.”
About Oroplata: Oroplata Resources Inc. is focused on becoming a substantial profitable Lithium producer by the rapid development of valuable production-grade Lithium Brine deposits in Nevada and throughout the southwest U.S.
Craig Alford B.Sc. (Hons), M.Sc., P.Geo. (CEO/Director)
Safe Harbor Statements
Certain information contained in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates”, “intends” or “believes”, or that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, or “be achieved”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the SEC. Such risks and other factors include, among others, the ability to locate and acquire suitable interests in alternative medicine manufacturing operations on terms acceptable to the Company, the availability of financing on acceptable terms, accidents, labor disputes, acts of God and other risks of the alternative medicine industry including, without limitation, delays in obtaining governmental approvals or permits, title disputes or claims limitations on insurance coverage. The Company believes that the expectations reflected in the forward-looking statements included in this news release are reasonable; however, no assurance can be given that these expectations will prove to be correct, and such forward-looking statements should not be unduly relied upon. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.
Source:Oroplata Resources, Inc.