Oct 21 2010
Prospero Silver Corp. (TSX VENTURE:PSL) has announced that it has concluded an agreement with Industrial Minera Mexico, SA de CV for a total of 649 hectares covering a large part of the ground along the best known mineralized structures in the El Dorado-Minitas district in coastal Nayarit, Mexico.
The IMMSA deal consists of a 3 year schedule of escalating payments every 6 months, starting with a payment of $15,000 USD the date of signing of the contract, up to a total of $1.2 million USD at the end of year 3. A 2% NSR production royalty is due IMMSA at the initiation of production, and includes a 0.5% NSR buyback for $0.5 million USD.
Additionally, the Company is pleased to report that has also acquired, by staking through its wholly owned Mexican subsidiary Minera Fumarola, SA de CV, new ground which became open in the district. Prospero filed petitions for 2 claims which total 447 hectares. A map showing the present configuration of ground claimed in the district is shown in the Company website where a more detailed project description can be found.
The project now comprises a total of 1,148 hectares, covering most of the recognized potential mineralization in the district, including the high level argillic alteration and silicification zones present in the eastern sector of the epithermal system.
Prospero would like acknowledge the helpful role played by Candiani Mining in reaching the agreement with IMMSA.
Tawn Albinson, MsC, the President of the Company, is a Qualified Person, as defined in NI 43-101, and is responsible for the technical content of this press release and quality assurance of the exploration data and analytical results.
Source: Prospero Silver Corp.