Demesne Resources makes first payment to acquire tungsten IMA Mine Project, Idaho

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Demesne Resources Ltd. [CSE: DEME] reported, further to its press release dated November 6, 2024, it has completed the first payment to IMA-1, LLC, the optionor, under the option agreement dated November 5, 2024, under which the company can acquire a 100% interest in and to the IMA Mine Project located in Idaho, United States.

The first payment under the option agreement consisted of a cash payment of US$100,000 to the optionor.

Under the terms of the option agreement, the company can acquire a 100% interest in the IMA Mine Property, subject to a 2% royalty in favour of the optionor, by making cash payments to the optionor totalling US$5,800,000 (inclusive of the first payment of US$100,000) in stages over eight years.

The IMA Mine is a past-producing underground tungsten mine situated on 22 patented claims located in East Central, Idaho. With China controlling an estimated 80%+ of global tungsten extraction and processing, and no domestic tungsten producers in the U.S., China’s recently announced tungsten export restriction plans underscore the need for a reliable, domestic supply of defense critical metals for America.

Demesne’s CEO, Murray Nye, commented: “Completing the first payment under the option agreement to acquire the IMA Mine property is a major milestone for Demesne and our shareholders. The IMA Mine property is expected to be a key portfolio asset, enhancing our ability to build on the mine’s past tungsten production and benefit from the capital that previous exploration companies invested to advance the IMA Mine Project. We are also fortunate that the asset is on patented ground and readily permittable. With the first payment under the option agreement satisfied, we can now focus on executing our potential next steps: verifying IMA’s historical resources, identifying additional mineralization, and driving toward a mine restart.”

Demesne’s Star Project consists of five contiguous mineral titles covering an area of approximately 4,615.75 hectares located in the Skeena Mining Division, British Columbia, Canada. The company has entered into an option agreement pursuant to which it is entitled to earn an undivided 100% interest in the Star Project. Demesne has also signed an option agreement, under which it can acquire a 100% interest (subject to a 2% royalty) in and to the IMA Mine Project, a past producing underground tungsten mine situated on 22 patented claims located in East Central, Idaho.


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