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Property Status
- Claim Blocks
(last updated on 31/07/2009)
The Haquira mineral property consists of 24 concessions, as shown in Figure 1. Total area of the concessions is 20,900 ha, although as noted below, the effective area may be slightly less: 20,635 ha.
The claimed area is within the Cotabambas Province, the Chalhuahuacho District, and the communities of Huancopampa, Ccasa, Lahuani, Pararani, Tambulla, Ccahuanhuire, and Cconchaccota.
Seven of the concessions (Haquira 1, Haquira 2, Haquira 3, Haquira 4, and Gato 5, Claudita 17, and Claudita 18) total 5,400 ha and are registered to PD Peru. They form the original property subject to the option to purchase agreement between Antares and PD Peru, and are generally referred to as the "MPDP properties". Ten concessions (Haquira 5 through 14) total 9,100 ha and were located in 2005 through 2007 by Antares Peru. These ten concessions are subject to inclusion in the option to purchase agreement between Antares and PD Peru. The remaining 7 concessions were acquired in 2008 and are based on an Option Agreement with Minera del Suroeste S.A.C. (MISOSA) which grants Antares the option to acquire up to a 60% interest in the Cristo de los Andes Property consisting of these seven concessions. Antares’ interests in the Cristo de los Andes concessions is also subject to inclusion in the option to purchase agreement between Antares and PD Peru.
The concessions have not been legally surveyed, as there is no requirement to do so by Peruvian law. The concessions are valid for an indefinite period-of-time, as long as annual license fees and minimum production levels (or penalties if these are not met) are kept in good standing. Based on the legal opinion from Antares’ Lima law firm, Estudio Grau, regarding the 17 concession held by MPDP and Antares, all were filed in good order.
The Haquira project is contiguous with, and immediately to the south of, the Las Bambas Special District (legal name: Area de Influencia de la UEA Ferrobamba y Chalcobamba), which was established by the Peruvian government in 1992 to guide investment and development of the long-known Ferrobamba, Chalcobamba, Sulfobamba, and Charcas deposits (Figure 1).
Xstrata Copper has committed to invest US$121 million within the Las Bambas District. Antares indicated that the Estudio Grau legal opinion points out that the Claudita 17 and 18 concessions filed in 2004 partly overlap into the Las Bambas Special district (Figure 1). (There were no previous concessions within the overlap area). The areas of overlap are 141.43 ha for Claudita 17 and 123.41 ha for Claudita 18. Antares indicated that it is not clear from the Estudio Grau report whether the overlap area is effectively controlled by Antares or not. For purposes of this report, the question is moot, as there are no drill holes on or near Claudita 17 and 18 (Figure 1), and no defined mineral resource on these concessions.
Based on the legal opinion from Antares’ Lima law firm, Estudio Grau, and subsequent payment receipts provided by Antares, the mineral rights are in good standing with respect to all required License payments and filings, as of January 15, 2009. The annual License payments have been made for the year 2008 for all concessions. The next annual payments for concession fees are due by June 30, 2009. The Haquira 1, Haquira 2, Haquira 3, Haquira 4, Gato 5, and the Cristo de los Andes 1 concession are subject to the minimum production Penalty. According to Estudio Grau, the Penalty may be paid each corresponding year, or Antares may become exempt from the Penalty with respect to any concession, if it had invested no less than 10 times the amount of the Penalty during the previous year.
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