Santacruz Silver Acquires 15 Year Right to Explore, Develop and Mine the Cinco Estrellas Gold-Silver Property

Santacruz Silver Mining (TSX.V:SCZ) announced today that its wholly-owned subsidiary, Impulsora Minera Santacruz S.A. de C.V. acquired the exclusive right for 15 years to explore, develop and mine the Cinco Estrellas gold-silver property.
As quoted in the press release:

As consideration for being granted the Exclusive Mining Right, the Company has agreed to pay the Property vendor a 2.5% net smelter returns royalty on any mineralized material from the Property that is mined and milled or otherwise treated for the eventual sale of the contained metal. In addition, the Company has agreed to make the following cash payments: US$50,000 on signing (paid), US$5,000 per month for the first six months, and US$50,000 on the 90th day after entering into the Agreement.
The Company plans to immediately begin mining activities on the Property with the expectation that it will begin shipping mineralized material from the Property to its Rosario Mine milling facility in the fourth quarter in order to utilize some of the available capacity. Management expects that this will allow the Company to realize economies of scale at the Rosario Mine operations, as well as provide a more flexible operations plan by virtue of having multiple diversified sources of mineralized material for the milling facility.

Click here to read the full press release.