Interra Copper Announces Letter of Intent for Rip Copper-Molybdenum Project Earn-In
from either Houston or Burns Lake. Under the terms of the LOI, Interra obtains a two-stage option to earn up to an 80% ownership interest in the Rip Project over up to an 8-year period. In the 1st stage, Interra has the option to earn, over a 4-year staged work-schedule, a 60% share ownership in the Rip by issuing 1,050,000 shares of Interra, completing geological and exploration expenditures of CAD 2,000,000, and paying CAD 100,000 cash to ArcWest, over a period 4 years and 3 months, until December 31, 2027. The 2nd stage of the earn-in requires Interra to advance the Project to Feasibility Study level in order to obtain an additional 20% for a total of 80% ownership, within 4 years of completing the first tier earn-in, or at the latest December 31, 2031. This 2nd stage of the option requires Interra funding CAD 2 million in work and paying ArcWest CAD 250,000 per year. Possible extensions are granted to Interra for 3 additional years until 2033 at the latest, by continuing these same terms plus an additional CAD 100,000 per year.