One World Investments Inc. is pleased to announce that it has reached agreement in principle to acquire an 80% interest in five highly prospective gold-copper-silver properties in Region III, Chile. The properties are currently owned by a private Chilean company which has the largest private mineral property portfolio in Region III.
The properties cover approximately 26,000 acres and are known as Chanarcillo, Yerbas Buenas, Pircas, Chimbeos and Lomas Bayas. One World will issue an aggregate of 17,500,000 shares and pay an aggregate of $500,000 cash to acquire an 80% interest in each of the properties and will fund 100% of all costs up to the completion of a positive feasibility study for each property. The property vendor will retain a 1% net smelter returns royalty on each property, up to a maximum of US$10,000,000 in royalty payments per property. One World will make an advance royalty payment of $100,000 on each property.
Chanarcillo and Yerbas Buenas are currently the two material properties in the package, and each is highly prospective for the presence of Iron Oxide Copper Gold (“IOCG”) deposit-type mineralization. One World anticipates conducting drilling programs on each of the Chanarcillo and Yerbas Buenas properties, totalling approximately 15,000 metres, as well as at least one more of the newly-acquired properties, in 2011.
One World will undergo a corporate restructuring as part of this transaction, to include:
– Settlement of debt for shares;
– Appointment of new directors;
– The sale of shares by existing controlling shareholders; and
– Up to three private placements of securities for gross proceeds of up to
$8,600,000 to fund the exploration of the Chilean properties.
Further details of the transaction will be released as the structure of the transaction is developed and finalized.
John Hiner, Consulting Mining Geologist, is the Qualified Person retained for this project, and has reviewed and accepted the contents of this news release. Mr. Hiner has over 35 years of experience worldwide, including over ten years of experience in Chile, including work on IOCG deposit types.
The transaction is subject to acceptance by the TSX Venture Exchange and approval of the shareholders of One World.