Columbus Exploration Amends Silver District Option Agreement

Columbus Exploration Corp. (TSXV:CLX) announced that it has amended the option agreement under which Magellan Gold Corp. (OTCBB:MAGE) has the opportunity to earn all of Columbus’ interest in the Arizona-based Silver District property.

As quoted in the press release:

Under the amendment, the remaining option payments payable by Magellan to Columbus Exploration have been deferred by one year, such that US$400,000 is now due on December 31, 2014 and a final payment of US$500,000 is due on December 31, 2015. In consideration of this change, Magellan has made a firm commitment to maintain the Property in good standing by paying all maintenance and lease fees that accrue during 2013 and 2014, irrespective of whether it terminates the option during such period.

Click here to read the full Columbus Exploration Corp. (TSXV:CLX) press release.