Precious Metals

Southern Silver Exploration  (TSX Venture:SSV)(OTCQB:SSVFF)(Frankfurt:SEG1)(SSE:SSVCL) (“Southern”) has acquired strategic mineral claims adjacent to the southwest of its Cerro Las Minitas project located 70 kilometres northeast of Durango, Durango State, Mexico. The claim package comprises 2 concessions, known as Biznagas and Los Lenchos, totaling 9600 hectares, which are contiguous to the south and west with the Cerro …

Southern Silver Exploration (TSX Venture:SSV)(OTCQB:SSVFF)(Frankfurt:SEG1)(SSE:SSVCL) (“Southern”) has acquired strategic mineral claims adjacent to the southwest of its Cerro Las Minitas project located 70 kilometres northeast of Durango, Durango State, Mexico.

The claim package comprises 2 concessions, known as Biznagas and Los Lenchos, totaling 9600 hectares, which are contiguous to the south and west with the Cerro Las Minitas claim block (see Figure 1). The Biznagas claim was recommended for staking by La Cuesta International, Inc. (La Cuesta) whose previous exploration activities in the region resulted in the discovery of the nearby San Sebastián Mine (Hecla Mining Ltd.) and the San Agustin project (Argonaut Gold). Southern has negotiated a Finder’s Agreement with La Cuesta as set out below.
The Biznagas claim is largely gravel covered. Initial prospecting and sampling on the claim has identified a +5km x 2km NW-SE trend of quartz and rhyolite float. Locally quartz veins contain fine black bands and limonite after fine grained sulphides. Results from an initial round of prospecting on the claim by Southern has returned float samples with elevated values of gold (up to 1.28g/t Au), silver (up to 14.4g/t Ag), antimony (up to 481ppm Sb) and mercury (1.4ppm Hg).

Southern has acquired a 100% interest in the claims by staking them in accordance with Mexican Law and making application for issuance of title. Southern Silver has agreed to cause Minera Plata del Sur S.A. de C.V. (“MPS”) the holder of the Biznagas claim, to pay to La Cuesta periodic payments on a semi-annual basis accelerating from $5,000 to $25,000 over a ninety-six month period and a 1% NSR with such periodic payments being credited to NSR payments. Subsequent to payment of $5,000,000 in NSR payments the royalty is reduced to 0.5%. All monetary references are to U. S. dollars.
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