Jan 29 2016
Comstock Metals Ltd. is pleased to announce that its joint venture partner Golden Goliath Resources has confirmed that the Corona Gold-Silver Property in Mexico is one of seven mineral exploration properties in the Uruachic mining camp that have been optioned by Fresnillo PLC (See GNG December 7, 2015 News Release).
The Company holds a 60% interest in the Corona Property through a Joint Venture with GNG and is entitled to a portion of the cash payments that will be made to GNG by Fresnillo PLC as per their option agreement ("GNG/Fresnillo Agreement"). The portion of the payments specified in the GNG/Fresnillo Agreement that will be owed to the Company will be determined by a formula defined in the original JV agreement between GNG and CSL dated April 9, 2013. In order for Fresnillo to earn a 100% undivided interest (subject to a 1% net smelter royalty) in all seven of the Uruachi properties, Fresnillo PLC must make cash payments totaling US$3 million over 3 years, pay all mining rights and property taxes, and fund all assessment work required to keep the properties in good standing. Links to the related to the announcement of the GNG/Fresnillo Agreement are as follows;
The Corona Property consists of 6 exploration concessions covering approximately 1,371 hectares. It is located approximately 230 kilomteres southwest of the city of Chihuahua in the Uruachi district of Chihuahua, Mexico. The property lies within the Sierra Madre Occidental mountain range, in the heart of the Sierra Madre Occidental Gold-Silver District. For a full description of the project please visit the Corona Property page on the Company's web site;
Douglas Turnbull, P.Geo., a Qualified Professional as defined by National Instrument 43-101 has reviewed and approved the scientific and technical disclosure in this press release.
Source: http://www.comstock-metals.com/