Orex Minerals announced that it will form a joint venture with Pan American Silver to explore and develop the Mexico-based Sandra project.
Orex Minerals (TSXV:REX,OTCQB:ORMNF) announced that it will form a joint venture with Pan American Silver (TSX:PAAS,NASDAQ:PAAS) to further explore and develop the Mexico-based Sandra project.
The partnership will be made through Plata Panamericana, a subsidiary of Orex.
As quoted in the press release:
The Sandra Project is a consolidation of two groups of claims, each controlled by the two participant parties. Orex and Pan American will own a 40% and 60% interest, respectively, in a new joint venture company that will be formed for the Project. Each of Pan American and Orex will be obligated to make contributions to the joint venture company in proportion to their respective ownership interests and Orex will be the initial operator of the Project, subject to the terms and conditions of the shareholders agreement between the parties. Orex intends to finalize an initial program and budget with Pan American and commence work on the Project as soon as possible.
Gary Cope, president of Orex, commented:
We are very pleased that we have finalized this new joint venture arrangement, which allows Orex and Pan American to continue the advancement of the Sandra-Escobar project, previously initiated in our joint venture with Canasil Resources Inc.