Extension of Purchase Option for the Don Enrique Copper-Silver Project

EV Resources Limited (ASX: $EVR) has announced the finalization of a 12-month extension to the option to acquire the remaining 50% of the Don Enrique Copper-Silver Project from Mr. Maurizio Augusto Cordova Ledesma. The extension agreement, at no cost, requires EVR to spend no less than US$500,000 on the project before the end of the option period. Failure to meet this condition will result in the project reverting to a 50:50 contributing Joint Venture, and EVR shall pay Mr. Cordova a cash payment of US$150,000.

Executive Commentary

The extension of the option to acquire the remaining 50% of the Don Enrique project provides EV Resources with the opportunity to further explore and develop the project. We are committed to meeting the spending requirement and are excited about the planned drilling campaign in Q3, 2024. The support of the local community and the promising sample results give us confidence in the potential of the Don Enrique Project. We look forward to advancing our exploration efforts and unlocking the project's value.

Summary

EV Resources (ASX: $EVR) has successfully extended the option to acquire the remaining 50% of the Don Enrique Copper-Silver Project, demonstrating the company's commitment to the project's development. The extension agreement, contingent on a minimum spending requirement, allows EVR to proceed with its exploration plans, including a 20 platform drilling campaign and a 2,000 metre HQ diamond campaign in Q3, 2024. The project's proximity to infrastructure, positive sample results, and community support position it as a compelling exploration opportunity. EVR remains focused on advancing its exploration activities and maximizing the potential of the Don Enrique Project.