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Pan American Goldfields Renegotiates Agreement With Minera Rio Tinto
Sep. 12, 2012 11:40AM PST
Gold InvestingPan American Goldfields Ltd. (OTCQB:MXOM,FSE:OY1A) entered into a Second Amended and Restated Development Agreement with its partner Minera Rio Tinto SA (MRT) of Chihuahua, Mexico and Marje Minerals SA for mineral exploration, production and development of the Cieneguita Project.
Pan American Goldfields Ltd. (OTCQB:MXOM,FSE:OY1A) entered into a Second Amended and Restated Development Agreement with its partner Minera Rio Tinto SA (MRT) of Chihuahua, Mexico and Marje Minerals SA for mineral exploration, production and development of the Cieneguita Project.
Under the new agreement, the Company’s share of net cash flow from the Pilot Project operated by MRT increases from 20% to 29% beginning retroactive to March 1, 2012 through December 31, 2012. Beginning January 1, 2013 through December 31, 2013, the Company’s share of net cash flow from the Pilot Project increases to 35%. At all times, the Company retains its 80% ownership interest in the entire Project.
Click here to read the Pan American Goldfields (OTCQB:MXOM,FSE:OY1A) press release
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