A wholly owned Mexican subsidiary of Glamis Gold (TSE) is acquiring the property known as El Rosario, in Chihuahua state.
An initial payment of US$60,000 has been submitted, with a signed letter of intent, to cover a 12-month due diligence period.
Glamis can acquire the claims by paying US$20,000 to the Mexican firm Minera Los Maples, plus US$170,000 on final signing and a further three payments of US$250,000 in each of the first, second and third years.
The property is 300 km southwest of Chihuahua City and comprises two concessions, totaling 128 hectares. Included is a 45-tonne flotation mill, road access and a 7-km air strip.
Previous work estimated “ore potential” to be 3.5 million tonnes grading 1.5 grams gold and 106 grams silver per tonne.
Glamis plans to use the due diligence period to confirm tonnage and grade, as well as to perform metallurgical tests.
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