Management is pleased to announce that the Company has just finished another round of meetings last week with representatives from a large Chinese Company that trades on the Shenzhen Stock Exchange. These meetings were follow-up to their presence over the last three months. The Chinese Company has reiterated their interest in our copper/gold/silver project and that the terms of an “SPA” (Sales Purchase Agreement) are presently being reviewed by the proper authorities within the Chinese Government. No terms of the SPA were disclosed, only that it was presently “under review” and that they expect to have approval to present the SPA to the Company within the next 90 days or so. SAC already has a LOI (Letter of Intent) signed by the Chinese Company last year in which they could purchase a small portion of the Company for an initial investment into the company with an option to buy control of the Company over a 36-month period based on an independent valuation.
Management is also pleased to announce that Dr. Criss Capps Ph.D. is nearing the completion of the Company’s 43-101 report. Initially the Company retained both Chris Cherrywell, the Company’s QP (Qualified Person), and Dr. Capps, to do both a Qualifying Report as well as an updated Reserve Report that could both be used to list the Company’s shares on the AMEX (American Stock Exchange) however, this has now morphed into a single, more comprehensive report and will now be called a Prefeasibility Study. This is ultimately a better document with more disclosure for the AMEX and the SEC (Securities and Exchange Commission). The Company is currently working with Dr. Capps on a daily basis to complete the report.
The Company is also pleased to announce that they have started the process of applying for their 30- year mining licenses. What this does is extend our annual mining licenses to 30 years and eliminates the onerous paperwork that is due to the government on an annual basis. The process has just begun this week and should be completed within 3 months or so. The license will be in the name of SAC SA S.R.L. which is South American Copper’s 100% owned Bolivian subsidiary.
The Company will continue to publish these Investor Updates with the purpose of keeping all of our shareholder’s up to date with the latest corporate news.