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Southern Silver Exploration (TSXV:SSV,FWB:SEG) has granted Freeport-McMoRan Exploration Corporation the option to earn 70% indirect interest in the Cerro Las Minitas property in Durango, Mexico.
As quoted in the press release:
Subsequent to a sixty day Due Diligence period, Freeport will have the option to earn respective 51% and 19% indirect interests in the property through the acquisition of common shares of a Southern Silver subsidiary company which has the right to purchase a 100% interest in the property.
Southern Silver President Lawrence Page said:
Since acquisition of an option to purchase a 100% interest in the property with no royalty burdens we have spent $ 5 million in acquisition costs and exploration and development expenses which has resulted in the definition of a significant silver/polymetalic resource and a new copper/gold discovery. Several zones of interest, indicated by geophysics, including possible targets buried under gravels, have yet to be tested, adding to the appeal of the project.
Click here to read the Southern Silver Exploration (TSXV:SSV,FWB:SEG) press release
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