Prospero acquires two additional claims for Mexico project

Stockhouse Editorial
0 Comments| January 23, 2013


 Prospero Silver Corp. (TSX: V.PSL, Stock Forum) said that it has signed option agreements enabling it to earn 100% of two additional claims, Sucara, 71.53 hectares, and Dos Amigos, 90.39 hectares, within the northern Cebollas target area of the Baborigame district.

With these agreements in place the Baborigame district claim block is essentially 100% controlled and covers all exploration targets identified in the project area.

 According to the Prospero Silver press release, proposals from drilling companies are currently under evaluation, and drilling is anticipated to start after a contractor is selected

Under the terms, the claimholder, Compañia Minera Terciario, SA de CV, and the joint venture will have the option to earn a 100% interest in the mining rights of the two claims by making escalating cash payments totaling US$500,000 within 4 years.

The Cebollas target has potential to host both a disseminated style of deposit suited to open pit mining, as well as the vein style of deposit that has been historically identified and mined in the district.

The presence of gold anomalies in soils and in rock chips is consistent with anomalies in the adjacent Cebollas area. .

Prospero has a growing portfolio of high-quality projects and has been successful in finding strong partners.

On Wednesday morning, Prospero was trading at $0.19 a share. The company has a market cap of $6.8 million, based on 35.5 million shares outstanding. The 52-week high and low was $0.25 and $0.08 respectively.


Tags: GOLD MINING MEXICO JOINT VENTURE

Rate this article
3 stars
v
Usefulness

Clarity

Credibility

Comments

No comments yet. Be first to comment!

Leave a Message

You must be logged in to access this feature.