The Conversation (0)
American Consolidated Minerals Corp. (TSXV:AJC) reported that it has closed the transaction with Sparton Resources Inc. for the acquisition of Sparton’s 50% interest in the 500-hectare Sierra Rosario Property, located in the state of Sinaloa, Mexico.
As quoted in the press release:
The Company and Sparton have agreed to amend the schedule of payments as stipulated in the original agreement, such that the Company will complete the aggregate purchase consideration of $500,000 and 500,000 common shares by March 1, 2012, with terms as follows:
- On or before August 4, 2011, a cash payment of $100,000 and the delivery of 250,000 shares of American Consolidated; (paid and shares issued)
- on or before September 1, 2011, a further payment of $100,000;
- commencing October 1st, 2011 and on or before the first day of every month thereafter, a monthly payment of $50,000 until an aggregate cash payment of $500,000 is completed. For further clarity, the last monthly payment of $50,000 shall be made on or before March 1, 2012.
American Consolidated Minerals President, Al Fabbro, said:
“We are excited about this acquisition as Sierra Rosario represents a drill-ready property with potential for bulk-tonnage mineable silver-gold deposits. With our joint venture partner’s proven and successful exploration experience in Mexico, we are confident we will move this project forward with positive results for our shareholders.”
Click here to read the American Consolidated Minerals Corp. (TSXV:AJC) press release
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