Southern Silver Exploration Corp. (TSXV:SSV,FWB:SEG) acquired ownership of the Oro property in New Mexico. The Oro project is located approximately 40 kilometres southwest of the Silver City porphyry copper district and includes a contiguous block of federal, state, and private land that total 17.2 square kilometres in New Mexico. The Company amended the option agreement for purchase of a 100% interest in the located claims by extending the last payment of US$150,000 until August 28, 2013.
As quoted in the press release:
Southern Silver Exploration Corp. (“Southern Silver”) has amended the option agreement for purchase of a 100% interest in the located claims by extending the last payment of US$150,000 until August 28, 2013 at which time it will own a 100% interest in the claims; consideration for the extension agreement is the issuance of 200,000 common shares to the optionors. Additionally, Southern Silver has paid the final instalment of US$75,000 of the US$350,000 purchase price for the patented mineral claims which form the heart of the consolidated claim block and now owns a 100% unburdened interest in such patented claims.