Oremex Silver options El Sol to Minera Cuicuilco 2013-07-02 19:05 ET - News Release Mr. John Carlesso reports OREMEX SILVER OPTIONS EL SOL PROJECT TO MINERA CUICUILCO Oremex Silver Inc.'s wholly owned Mexican subsidiary, Minera Mantos S. de R.L. de C.V., has entered into an agreement with Minera Cuicuilco S.A. de C.V. (an indirect Mexican subsidiary of Freeport-McMoRan Copper & Gold Inc.) where Cuicuilco has the right to acquire a 100-per-cent interest in the El Sol property in Durango state, Mexico, for cash payments of $2-million (U.S.) over a three-year period. The El Sol project, including mineral rights and surface rights, is 100 per cent owned by Minera Mantos. Oremex Silver considers El Sol to be a non-core asset of the company. El Sol is located in Durango state, Mexico, and approximately one kilometre northwest (and along trend) of the Cerro Las Minitas silver and base metal deposit. The property is at approximately 2,200 metres in elevation at the eastern limit of the Sierra Madre Occidental and has access year-round. The high-grade silver-lead-zinc system on the property has seen past production, but the property is at an early grassroots stage of exploration and development, and has no indicated resources. Cuicuilco has an option to acquire 100 per cent of the property by making the following payments: - After ratification of the agreement, $150,000 (U.S.);
- On or before the first anniversary of the ratification, $400,000 (U.S.);
- On or before the second anniversary of the ratification, $600,000 (U.S.);
- On or before the third anniversary of the ratification, $850,000 (U.S.).
The option grants Cuicuilco the right to acquire the property at any time between the ratification of the agreement and the third anniversary of the ratification. In addition, to keep the option viable, Cuicuilco must pay any concession maintenance fees that come due. John Carlesso, executive chairman of Oremex Silver, stated: "El Sol represents the first milestone in the company's strategy to demonstrate and realize tangible value for its non-core assets. The company is committed to a strategy of unlocking and consolidating the financial value of these assets. Indicative of this strategy, this agreement demonstrates the potential of the El Sol project and management's ability to strengthen its financial position in a manner that is non-dilutive to its capital structure." We seek Safe Harbor. |
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