The Conversation (0)
Southern Silver Exploration Corp. (TSXV:SSV) received noticed that Freeport-McMoRan Exploration Corporation (FMEC) has acquired an interest in mineral rights within the area of interest under the Earn-In Agreement between the Company and FMEC. FMEC offered to include its interest in the El Sol Concession under the Earn-In Agreement and the Company has accepted the offer.
As quoted in the press release:
…received notice from Freeport-McMoRan Exploration Corporation (“FMEC”) that its affiliate has acquired an interest in mineral rights (“El Sol Concession”) within the area of interest under the Earn-In Agreement between Southern Silver and FMEC and has offered to include its interest in the El Sol Concession under the Earn-In Agreement. Southern Silver has accepted the offer and FMEC’s interest in the 63 hectare El Sol Concession will be incorporated within the agreement, whereby FMEC holds an option to earn a 70% indirect interest in the project by making staged purchase payments and funding exploration and development expenditures of $25 million on the project over a ten year period. FMEC’s interest in the El Sol Concession is an option to acquire a 100% interest for cumulative payments of $2 million, payable over a three year period. To the extent paid by FMEC, these will be counted as a credit towards its earn-in of the Cerro Las Minitas project.
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