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.”
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