The South American Iron & Steel Corporation (SAY) and the Henan Province Yukuang Xingyuan Mining Co. Limited announced Monday that they have entered into a conditional farm-in agreement that gives Henan the right to earn up to a 30 percent interest in SAY's Quince Iron Ore Project in Chile.
The agreement entitles Henan Mining to earn its interest by completion of a three stage drilling and reporting program, however SAY retains overall management control over the exploration program that Henan Mining will fund.
The agreement remains only conditional until Henan Mining inspects the Quince, Chile location before October 24 and responds positively that it still wishes to proceed with drilling program.