SAN FRANCISCO, CA--(Marketwired - June 15, 2016) - Quaterra Resources Inc. (TSX VENTURE: QTA) (QTRRF) and its subsidiary Singatse Peak Services announced earlier this week that they had reached an agreement with Freeport Nevada to extend for up to two years the current Stage 2 of Freeport Nevada's option to acquire an interest in the company's Yerington Copper Project in Nevada. Gerald Prosalendis, recently appointed president and COO of Quaterra Resources, explains what this extension means for Quaterra and the Yerington project.
The Gold Report: What does the agreement you just announced to extend Freeport-McMoRan Nevada LLC's (Freeport Nevada's) option to acquire an interest in Quaterra Resources Inc.'s Yerington Copper Project in Nevada really mean?
Gerald Prosalendis: It means the funding is available to secure the land position, maintain operations and, under the right circumstances, continue drilling at the Yerington Copper Project. To achieve this, Quaterra and Freeport Nevada are extending by two years a four-year option agreement that allows Freeport Nevada to earn an interest in Quaterra subsidiary Singatse Peak Services, which holds all the Yerington project assets. The extension requires Freeport Nevada to make option payments to SPS of $5.75 million over two years.
TGR: What are the precise terms of the extension?
GP: To extend the current stage of the option agreement, Freeport Nevada must…
Continue reading this interview: Quaterra's Agreement with Freeport Nevada Extends Yerington Funding
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Quaterra Resources Inc. paid Streetwise Reports to produce and distribute this interview. Gerald Prosalendis had final approval of the content of the interview and is wholly responsible for the validity of the statements. Opinions expressed are the opinions of Mr. Prosalendis and not of The Gold Report or its officers. The interview does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.