Southern Silver Exploration Corp. (TSXV:SSV,FWB:SEG) announced that Freeport-McMoRan Exploration Corporation has completed its due diligence under an Earn-In Agreement that is related to the Cerro Las Minitas project in Durango, Mexico. The Earn-in agreement that the Company entered into granted Freeport the right to earn an indirect 70% interest in the Cerro Las Minitas property by making staged purchase payments and funding exploration and development expenditures of $25 million on the property.
As quoted in the press release:
The agreement was subject to due diligence review, which has been satisfied and the agreement is now operative. Freeport has paid the Company an initial USD$ 918,000 which has been utilized to pay an option payment to the Optionor of the property. To keep the Agreement operative, Freeport must pay to the Company $600,000 by January 2, 2013.
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