Southern Silver Exploration (TSXV:SSV,FWB:SEG) has granted Freeport McMoRan Exploration Corporation the right to earn an indirect 70% interest in the Cerro Las Minitas property in Durango, Mexico.
As quoted in the press release:
Upon acquisition of the initial 51% interest, operations on the Property will be conducted pursuant to a Shareholders’ agreement with each shareholder bearing its proportionate share of further Expenditures on the property subject to the right of Freeport to elect to earn an additional 19% interest in the property and upon acquisition of the additional 19% interest, ongoing operations will be governed by the shareholders’ agreement.
Southern Silver President Lawrence Page said:
Since acquisition of an option to purchase a 100% interest in the property with no royalty burdens we have spent $ 5 million in acquisition costs and exploration and development expenses which has resulted in the definition of a significant silver/polymetalic resource and a new copper/gold discovery. Several zones of interest, indicated by geophysics, including possible targets buried under gravels, have yet to be tested, adding to the appeal of the project.
There Is No Guide to Gold That is More Concise, Clear and Authoritative.Download our FREE Special Report, Is Gold a Good Investment? Gold Price Today and Future Gold Price Predictions.