Search Site


Answer Centre - Telephone Answering in your Company Name by an Answer Centre PA


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.






Headlines

31 August 2010

30 August 2010

27 August 2010

20 August 2010

18 August 2010

13 August 2010

09 August 2010

06 August 2010

30 July 2010

29 July 2010

28 July 2010

27 July 2010

26 July 2010

23 July 2010

23 July 2010

22 July 2010

21 July 2010

19 July 2010

16 July 2010

12 July 2010

09 July 2010

08 July 2010

07 July 2010

06 July 2010

05 July 2010

02 July 2010

06 May 2010

13 April 2010

24 March 2010

23 March 2010

23 March 2010

23 March 2010

23 March 2010

23 March 2010

23 March 2010

23 March 2010

23 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

22 March 2010

19 March 2010

19 March 2010

» See all News




© SmallCapNews   |   Contact Us   |   Terms of Use   |   RSS Feeds Site by LunarSafari