Southern Silver Enters Loan Facility with Radius Gold for Cerro Las Minitas

Southern Silver Exploration Corp. (TSXV:SSV) entered into a loan facility arrangement with Radius Gold Inc. for $CDN 800,000 to fund the final payments of $USD 600,000 to fully exercise its option to acquire the Cerro Las Minitas mineral claims in Durango, Mexico. In exchange, Radius has an exclusive option for 120 days to settle terms of a business arrangement for the acquisition of a direct or indirect interest in the claims.

As quoted in the press release:

The final payment completes the purchase price of $USD 3.6 million to acquire a 100% unencumbered interest in the claims where exploration has been ongoing since 2010.

In consideration for the grant of the loan facility, the Company has granted Radius an exclusive option for 120 days to enter into negotiations with the Company to settle terms of a business arrangement for Radius to acquire either a direct or indirect interest in the claims inclusive of continued exploration and development of the claims.

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