Cyprium Mining and Potosi to Form JV for the Potosi Silver Mine in Mexico

Cyprium Mining Corporation(CSE:CUG) announced that it has entered into a letter of intent pursuant to which Cyprium and the Potosi Partners have agreed to form a twenty year joint venture for the exploration and further development of the Potosi silver mine located in the district of Santa Eulalia, Mexico. Santa Eulalia ranks as one of the countries primary silver and base metal producing districts with nearly 450 million ounces of silver and substantial amounts of lead and zinc mined.
As quoted in the press release:

The Potosi silver mine, the San Guillermo processing plant and the La Chinche property are 100% owned by the Potosi Partners. Cyprium will initially acquire a 53% interest in the Joint Venture in return for a US$2.5 million financial commitment to the Joint Venture to be completed by December 31, 2016.
The agreement will also have the exclusive rights of possession, usage and operations to the San Guillermo processing facility which is located seven kilometers from the Potosi silver mine, as well as all of the exploration and exploitation rights to a property adjacent to the Potosi silver mine known as La Chinche.
The joint venture is expected to be finalized before the end of August 2015 and is subject to several conditions including, without limitation, receipt of all necessary regulatory and TSX Venture Exchange approval, and other usual conditions for transactions of this nature.

Click here for the full Cyprium Mining Corporation(CSE:CUG) release.