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South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) extended the terms of its Option Agreement for five years, to acquire the remaining 4,689 hectares of the Escalones property, located in Chile.
South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) extended the terms of its Option Agreement for five years to acquire the remaining 4,689 hectares of the Escalones property, located in Chile.
As quoted in the press release:
Under the revised terms the Company is required to make one payment of $600,000, which has already been made. This will be followed by four payments of $500,000 on each June 30, 2014, 2015, 2016 and 2017 and a final payment of $3 million on June 30, 2018 to complete the purchase of the property. The remaining terms of the agreement are unchanged. Details of the Escalones Option Agreement, prior to these amendments, can be found in the Company’s most recently filed financial statements for the three-month period ended at March 31, 2013 available on www.sedar.com or on the Company’s website www.soamsilver.com.
South American Silver Corp. President and CEO, Phillip Brodie-Hall, said:
The extension of the Escalones option agreement is very important as it allows us to preserve cash at a time when cash is such a precious resource. This new agreement will save us $2.4 million in the current year and adds to the substantial savings we have already made this year, including many millions that will be saved from the recently announced funding agreement for the Bolivian arbitration. We believe we are positioning the company very well for the future and will continue to work hard for our shareholders.
Click here to read the South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) press release
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