Magellan Gold Acquires Concessions from Major Mining Companies

Magellan Gold Corporation (OTCQB: MAGE) announced that its Peruvian exploration venture with Rio Silver Inc. (TSX.V: RYO) has agreed to acquire three concessions from a Peruvian company.
The concessions, owned jointly by Newmont Mining Corporation and Southern Peru Copper Corporation, total 2,200 hectares.
 
According to the press release:

The concessions lie immediately west of and adjacent to Magellan’s Niñobamba Silver-Gold Project, which is located 330 kilometers southeast of Lima in the Department of Ayacucho, Peru. Consideration for transfer of the concessions includes a small cash payment and a 2% NSR. The transaction includes an extensive database comprising geological, geochemical, geophysical and drilling data.
“This acquisition adds substantially to the potential for a large, bulk tonnage, disseminated silver-gold deposit”, said Dr. Pierce Carson, CEO. “The area under our control will be expanded to 31 square kilometers (7,660 acres), and the new concessions contain untested silver anomalies that appear to reflect direct extensions of the main mineralized zones at Niñobamba. In Peru and elsewhere, the “high sulfidation” style of gold-silver mineralization as represented at Niñobamba has produced world class precious metals deposits.”

Click here for the full press release.