Orko Silver Corp. (TSXV:OK) announced that Pan American Silver (NASDAQ:PAAS) has relinquished its right to a stake in Orko’s La Preciosa project.
As quoted in the press release:
Pan American’s drilling had been quite successful in delineating significant mineral resources on the property to support the 2011 PEA, but in Orko’s opinion the drilling had been terminated prematurely for the feasibility study. Additional drilling is still required to allow a feasibility study to be completed that will have a more meaningful result.
Orko’s President and CEO, Gary Cope said:
We are very excited about regaining 100% ownership of the La Preciosa project and developing it into a large primary silver mine. With over $18 million in exploration and development expenditures funded by Pan American, there has been significant progress in developing the La Preciosa project over the past three years.