Great panther Silver has acquired four mining concessions in Mexico spread across 1,514 ha.
The claims are located a few kilometers northeast of Guanajuato, Northwest of a system composed of several northwest-southeastern trending structures that could possibly be a part of the La Sierra vein system. The La Sierra system is the eastern most of Guanajuato district’s three structural systems along with the La Luz and Veta Madre system. Mining activities are ongoing at the company’s Guanajuato Mine located on the Veta Madre system. Additionally, the company is exploring along the westerly La Luz system for its San Ignacio project. Several past producing mines exist along the La Sierra system. The system also includes AuRico Gold's currently operational El Cubo mine.
The President and CEO of Great Panther Silver, Robert Archer stated that the acquisition holds great value for the company since the concessions have great exploration potential and lies within the trucking distance to Great Panther’s Cata plant located in Guanajuato.
The claims were purchased from a private Mexican company named Minera Blanca Alicia with 50% of USD$1,500,000 payable upon signing of the purchase agreement and the remaining 50% payable upon registration with the Direccion General de Minas. A royalty of 1.3% is payable from the ore procured from the four claims.
Source: http://www.greatpanther.com/