Prospero Silver Corp. (PSL.V) has signed the definitive agreement with Silver Standard Resources Inc. (SSO.TO)for an option to joint venture Prospero's San Luis del Cordero property in central Durango State, Mexico. The initial Letter of Intent with Silver Standard to Joint Venture Cordero was announced on September 17, 2012.
Under the terms of the Definitive Agreement, Silver Standard has the option to earn a 51% interest within 3 years by incurring total property expenditures of US$3.5M, a minimum of 4,000 meters of drilling in Year 1, and total cash payments of US$1.5M. Upon Silver Standard earning a 51% interest, the initial joint venture program shall have a minimum program cost of US$4M over 36 months and require the preparation of a pre-feasibility level study on the property. The Definitive Agreement also contains provisions related to additional joint venture exploration and development programs, including the dilution of a joint venture partner´s participating interest if such partner does not fund its portion of a program.
Prospero is unchanged at 20 cents, while Silver Standard is down 7 cents to $10.93.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
