Southern Silver Exploration (TSXV:SSV,FWB:SEG) has granted Freeport-McMoRan Exploration Corporation the option to earn 70% indirect interest in the Cerro Las Minitas property in Durango, Mexico.
As quoted in the press release:
Subsequent to a sixty day Due Diligence period, Freeport will have the option to earn respective 51% and 19% indirect interests in the property through the acquisition of common shares of a Southern Silver subsidiary company which has the right to purchase a 100% interest in the property.
Southern Silver President Lawrence Page said:
Since acquisition of an option to purchase a 100% interest in the property with no royalty burdens we have spent $ 5 million in acquisition costs and exploration and development expenses which has resulted in the definition of a significant silver/polymetalic resource and a new copper/gold discovery. Several zones of interest, indicated by geophysics, including possible targets buried under gravels, have yet to be tested, adding to the appeal of the project.