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Southern Silver Exploration Corp. (TSXV:SSV,FWB:SEG) commenced the next phase of diamond drilling on the Cerro Las Minitas Project. Freeport-McMoRan Exploration Corporation (FMEC) has provided $250,000 to the Company, which was used to pay the November, 2013 periodic option payment to the optionor of the Cerro Las Minitas mineral concessions.
As quoted in the press release:
To date $2.5 million has been paid from funds provided by Southern Silver and FMEC towards a total purchase price of $4 million with the balance payable as follows:
- $250,000 on February 18, 2014;
- $250,000 on May 18, 2014;
- $500,000 on November 18, 2014; and
- $500,000 on March 18, 2015 (to be reduced to $100,000 if the optionor fails to deliver registered title to a specific non-core claim upon closing).
FMEC has supplied to Southern Silver $1.3 million of the total option payments paid to date and has the option to provide the balance of monies to complete the purchase as a portion of its earn-in of an indirect 70% interest in the mineral concessions.
Click here to read the Southern Silver Exploration Corp. (TSXV:SSV,FWB:SEG) press release
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