NSX Silver Inc. Signs Amending Agreement and Extends Cash Option Payments for Dios Padre Silver Property
NSX Silver Inc. (TSXV:NSY) amended its agreement with Minera Pena Blanca SA de CV, extending each of its remaining cash payment options for the Dios Padre Silver Property for three years. According to the option agreement, a total of US$500,000 have been made to date and six semi-annual options payments totaling US$5,500,000 remain.
As quoted in the press release:
Total option payments of US$500,000 have been made to date in accordance with the Dios Padre Property Option Agreement and six semi-annual option payments aggregating US$5,500,000 are remaining. The due date for the next option payment in the amount of US$250,000 was originally July 31, 2013 and it is now July 31, 2016.
NSX Silver Inc. Chairman and Chief Executive Officer, Hans van Hoof, said:
I am very pleased that we have been able to negotiate the extension of the remaining option payments for Dios Padre. The three year extension provides NSX Silver with the opportunity to advance the Dios Padre Project in a methodical manner without the need to raise significant highly dilutive funding in the immediate future to fund the option payments.
We consider the Dios Padre Project and our extensive surrounding properties to have significant potential for the discovery of further precious and base metal occurrences. NSX Silver has assembled a highly qualified exploration team that is undertaking the systematic exploration of our mineral property assets in Sonora State and we look forward to reporting on the results of this ongoing work.