Minco’s Xtierra agrees option deal over Laguna Pedernalilo project
19 November 2009
Irish mining group Minco has reported that its TSXV quoted subsidiary, Xtierra Inc has entered into an agreement with Australian company Indo Gold over the option and sale of the silver-rich Laguna Pedernalillo transported tailings deposit located near the town of Guadalupe in the State of Zacatecas, Central Mexico.
Commenting on the agreement, Terence McKillen, Xtierra's president and chief executive, said the company was very pleased with the outcome of negotiations.
He said: “Since the acquisition and discovery of the silver-zinc-lead-copper Bilbao project, Xtierra has shifted focus from development of Laguna to advancement of the Bilbao project through feasibility. Successful implementation of the agreement with IGL will provide Xtierra with initial cash and a steady stream of revenue over the life of operations at Laguna. We believe that Indo Gold has the requisite industry experience and expertise to successfully develop the Laguna project.”
Under the terms of the deal, Indo Gold will pay an upfront fee of $150,000 and for an option for a three month period to conduct initial due diligence. It will pay an extra US$350,000 for a second due diligence period and be committed to spending at least US$300,000 during the option periods on trial mining, processing and associated activities.
The consideration for the purchase will be a net smelter royalty of 3% for the life of the operation and a cash consideration of US$1.25 million in two payments.
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