Prospero Silver Signs Joint Venture Agreement with Silver Standard for San Luis del Cordero

Prospero Silver Corp. (TSXV:PSL) and Silver Standard Resources Inc. (TSX:SSO,NASDAQ:SSRI) announced that they have signed an option to joint venture Prospero´s San Luis del Cordero property.

As quoted in the press release:

Under the terms of the Definitive Agreement, Silver Standard has the option to earn a 51% interest within 3 years by incurring total property expenditures of US$3.5M, a minimum of 4,000 meters of drilling in Year 1, and total cash payments of US$1.5M. Upon Silver Standard earning a 51% interest, the initial joint venture program shall have a minimum program cost of US$4M over 36 months and require the preparation of a pre-feasibility level study on the property. The Definitive Agreement also contains provisions related to additional joint venture exploration and development programs, including the dilution of a joint venture partner´s participating interest if such partner does not fund its portion of a program.

To view the whole press release, click here.