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.
|Silver Investing News Free Exclusive Report: When Will Silver Go Up: Is the Highest Price of Silver Still to Come? Here’s a look at all the major catalysts that are expected to affect the silver price brought to you by Investing News - Bringing you unbiased news, education and helping investors realize their financial goals|