June 6, 2017 / 1:31 PM / a year ago

BRIEF-Revelo Resources signs LOI with Hochschild Mining

June 6 (Reuters) - Revelo Resources Corp:

* Signed letter of intent with Hochschild Mining which gives Hochschild option to earn 100% interest in co’s Northern Chile gold-silver project

* LOI in exchange for series of in-ground investments and/or drilling commitments totalling US$13 million and/or 30,000 metres

* LOI in exchange for a series of cash payments to Revelo totalling US$5.3 million

* After exercising option, Hochschild must also pay further US$15 million in cash together with NSR royalty on future production to Revelo of 1%

* LOI allows Hochschild to earn a 100% interest in co’s Northern Chile gold-silver project over a maximum of five years

* Hochschild to reduce existing nsr royalty over portions of Cerro Buenos Aires, Las Pampas and Cerro Blanco from current 2% to 1% Source text for Eikon: Further company coverage:

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