Vendome's Wholly-Owned Subsidiary Granted Option to Acquire 50% of San Javier Mine Property (Mexico)
Vendome's Wholly-Owned Subsidiary Granted Option to Acquire 50% of San Javier Mine Property (Mexico)
Toronto, Ontario CANADA, December 02, 2011 /FSC/ - Vendome Resources Corp. (VDR - TSX Venture), ("Vendome" or the "Corporation") is pleased to announce that its wholly-owned Mexican subsidiary (Vendome Minas, S.A. de C.V.) has entered into an agreement to acquire from Cansim Minas S.A. de C.V. ("Cansim") an earn-in option for a 50% undivided interest in and to the San Javier Mine property (the "Property") located within the municipality of Malinaltepec, State of Guerrero, Mexico.
The Property is 253 hectares in size and is host to silver-gold-lead-zinc epithermal vein mineralization typical of polymetallic deposits found within the Sierra Madre del Sur precious metal belt. Veins on the Property are host to a variety of sulphide minerals such as pyrite, chalcopyrite, argentite, galena, sphalerite, and arsenopyrite. Vendome staff and consultants have traced these veins on surface for estimated strike lengths of 400 to 500 meters that are typically 1.5 metres wide. Mine workings (including an 85 metre deep shaft and a small processing plant) are located on the Property, however limited mining has been carried out and historical estimates of tonnage and grade recoveries are presently unknown. To the best of the Corporation's knowledge, no modern exploration techniques have ever been utilized at the Property.
Vendome believes that the option to acquire a 50% interest in the San Javier Property solidifies the Corporation's strategic land position deep within a well known Mexican mining district. "With the option agreement to acquire 50% of the San Javier Mine, Vendome will have significant interests in almost 20,000 hectares of mineral exploration territory in the Sierra Madre del Sur, and is a key piece in Vendome's corporate strategy of developing high grade Mexican mining assets" stated Vendome's CEO Franz Kozich.
Vendome will pay CDN $75,000 cash and issue 1,000,000 common shares to Cansim upon signing of the earn-in option agreement. Vendome will also issue 1,000,000 common shares to Cansim on each of the first and second anniversaries of the effective date of the agreement, and make a final cash payment of CDN $250,000 to Cansim on the third anniversary date. The earn-in option agreement and the proposed share issuances are subject to the approval of the TSX Venture Exchange.....................
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