Southern Silver Receives $570,000 from FMEC

Southern Silver Exploration Corp. (TSXV:SSV) announced that Freeport-McMoRan Exploration Corp. has give it $570,000. Of that amount, $290,000, including applicable taxes, was used to pay a May 18, 2014 option payment for the Cerro Las Minitas mineral concessions; the rest will be put towards exploration expenses at the property.

As quoted in the press release:

[Freeport-McMoRan Exploration] has been providing funding for, and directing, Southern Silver’s subsidiary, Minera Plata del Sur, S.A. de C.V., to explore the property since October 2012 and 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. Included in the gross interest is an option to acquire an initial 51% interest to be earned in the first three years of the agreement by expenditure of $5,000,000 – being $4,400,000 in exploration costs and $600,000 in option payments to Southern Silver.

Click here to read the full Southern Silver Exploration Corp. (TSXV:SSV) press release.