American Consolidated Minerals (TSXV:AJC) reported that Sparton Resources Inc. has granted the Company an extended due diligence period, to enable the Company to complete its technical review of the 500-hectare Sierra Rosario Property, located in the state of Sinaloa, Mexico.
As quoted in the press release:
American Consolidated Minerals had entered into an agreement with Sparton for the acquisition of Sparton’s 50% interest in Sierra Rosario in a Joint Venture with International Northair Mines Ltd..
With the extension, the Company has until July 11, 2011 to complete its due diligence and pay Sparton an aggregate of $250,000 and issue 250,000 common shares of the Company with TSX Venture Exchange acceptance. An additional payment of $250,000 and 250,000 common shares by the first anniversary date of Exchange acceptance will complete the acquisition by the Company of the 50% right, title and interest in and to Sierra Rosario.