Vancouver, Canada, November 21, 2017
The Company is pleased to announce that it has now received the latest option payment from Desarrollos Mineros El Aguila, S.A. de C.V. (“El Aguila”), a wholly owned subsidiary of Fresnillo plc for the properties optioned to them by the Company in the Uruachic Mining District in the State of Chihuahua, Mexico (the “Properties”).
The US $100,000.00 payment is the fifth in a series of seven optional payments by El Aguila in order that it may exercise the option to acquire the Properties. A further $100,000 payment would be due in May 2018. The final payment of $US 2.3 Million would be due in November, 2018. The Company’s recent option agreement on seven of its eight Uruachic properties allows the Company to remain debt free and focus future exploration on the San Timoteo property
The Company plans to use final payment to pay for the drill program on its 100% owned San Timoteo property, following the recommendations resulting from the recent work completed on San Timoteo.