Under the terms they can take up to 30 months so there is no hurry. Looks like the CEO wants to aquire as much property as he can. Me thinks buy then we might be generating at least $4 million maybe $5 million gross revenue by then especially if Au, Ag continues to increase down the line. (Mina Real currently has 6 levels of underground mining with a possible surface open pit.
Vancouver, British Columbia – January 31, 2013 - Rochester Resources Ltd. (TSXV: RCT and
(the "Company") Mr. Eduardo Luna, President and CEO, reports that the Company has
exercised its option to re-acquire a 20% interest in its Mexican subsidiary, Mina Real Mexico SA de CV ("Mina Real"), which holds the Company's resource properties in Mexico. On November 21st 2008 the Company announced the joint venture farm out of a 20% interest in Mina Real and, in conjunction with this transaction, the Company was granted an option to re-acquire the 20% interest farmed out. The Company has now provided notice that it will re-acquire the 20% interest previously sold and has entered into agreements with the vendors with respect to a payment plan for the option exercise price of $4 million as well as amounts owing pursuant to the initial joint venture agreements and other amounts to be paid. In total the Company has agreed to pay $5.5 million over a term not exceeding 30 months in order to re-acquire the 20% interest previously sold. The amount owing will be secured by way of the 20% interest in Mina Real. On closing the Company will once again have right to a 100% interest in Mina Real.
ON BEHALF OF THE BOARD
President and CEO