Silver........
Southern Silver Exploration Corp reported today that it has executed an amending agreement with the Optionor of the Cerro Las Minitas property in Durango Mexico to reduce the option payment due on May 18, 2013 from $1 million to $250,000 and to extend the balance of the purchase price of $1.75 million to be paid periodically with the last payment due in March 2015.
Freeport-McMoRan Exploration Corporation has been funding and directing Southern Silver's subsidiary, Minera Plata del Sur, S.A. de C.V. to explore the property pursuant to an earn-in agreement since October 2012 and has advanced the $250,000 option payment together with a previous payment of $750,000 due November 18, 2012, together with applicable IVA taxes with such amounts being credited toward potential expenditures of $25 million required to earn an indirect 70% interest in the property.
Approximately 1300 metres of the planned +3500 metres drill program has been completed to date. Logging and sampling of the core continues. Assays are pending and will be reported upon the completion of the drill program.
Source by Commodity Insights
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