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Southern Silver Exploration Corp. (TSXV:SSV) announced today that the optionor of its Cerros Las Minitas property recently said he does not want to amend the terms of his purchase agreement, which means that his mining rights will expire on May 18, 2015.
Southern Silver Exploration Corp. (TSXV:SSV) announced today that the optionor of its Cerros Las Minitas property recently said he does not want to amend the terms of his purchase agreement, which means that his mining rights will expire on May 18, 2015. When that happens, Southern Silver “will take possession of the property, including the shafts and mining infrastructure.”
This news follows Freeport-McMoRan Exploration Corp.’s decision to relinquish its option to earn an indirect interest in Cerro Las Minitas.
As quoted in the press release:
Continuing option payments are $U.S.500,000 on November 18, 2014 and $U.S.100,000 on March 18, 2015 at which time the Company will own a 100% interest in the 18 mineral concessions, which will include the current mining operations on the core claims at the Cerro on the west side of the 13,641 hectare property. Significantly, there are no royalty burdens on the property.
Lawrence Page, president of Southern Silver, commented:
Current production of high grade silver, lead and zinc mineralization utilizing two shafts driven to depths of over 100 metres, supports our view of the property as a potential development project. This initial small-scale infrastructure is a significant step in advancing the Cerro Las Minitas project that can be utilized by the Company at a later date to access mineralized horizons for sampling and evaluation in the preparation of more detailed assessments of the deposits. The Company is preparing to assume control of the property in May 2015.
Click here to read the full Southern Silver Exploration Corp. (TSXV:SSV) press release.
