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Plata Latina Enters Option Agreement with Fresnillo for Naranjillo Property
Vancouver, British Columbia--(Newsfile Corp. - February 8, 2017) - Plata Latina Minerals Co...
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[{"type":"text","content":"\nPlata Latina Enters Option Agreement with Fresnillo for Naranjillo PropertyVancouver, British Columbia--(Newsfile Corp. - February 8, 2017) - Plata Latina Minerals Corporation (TSX-V: PLA) (\"Plata Latina\" or the \"Company\") is pleased to announce that, through its wholly-owned subsidiary Plaminco S.A. de C.V., it has formally entered into the previously announced option agreement (the \"Agreement\") with a wholly-owned subsidiary of Fresnillo PLC (\"Fresnillo\") with respect to the Company's Naranjillo Property (\"Naranjillo\" or the \"Property\"). The Agreement provides Fresnillo the option to acquire the Property for a total cash commitment of US$2.15 million, to be paid over 36 months (the \"Term\"). In addition, Fresnillo is required to spend US$3.0 million in exploration on the Property. With the purchase of Naranillo, Plata Latina retains a 3.0% Net Smelter Return (\"NSR\") royalty interest. Naranjillo is situated in Guanajuato, Mexico, consisting of a total of 20,655 hectares, and is adjacent to Fresnillo's Cerro Blanco Project. \"Our high-grade discovery at Naranjillo and the resulting Agreement with Fresnillo, the world's largest silver producer, validates the Plata Latina exploration strategy of discovering hidden, high-grade silver-gold districts within the Mexican Silver Belt,\" commented Plata Latina's President and CEO, Mike Clarke. \"We look forward to putting the proceeds from this Agreement towards the advancement of our three existing properties, particularly Vaquerias, which exhibits significant shallow discovery potential based on early testing and drilling. Further, the funding will enable us to look for additional opportunities in the prolific Mexican Silver Belt using our successful exploration strategy.\"The Company intends to use the funding from the Agreement to conduct geophysical and geologic field work to define high potential drill targets on its other three promising properties in the Mexican Silver Belt as well as initiate drilling to test these targets. Plata Latina plans on focusing on its Vaquerias property where early stage first phase drilling has identified a much shallower hidden vein system with initial results of up to 737 g/t silver over 0.55 metres (as previously announced on May 12, 2013). In addition, Plata Latina plans to re-initiate field work to generate new grass roots explor...