NSX Silver reports terms of Dios Padre option agreement have been favorably amended

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[{"type":"text","content":"\n\n\n\n\n\nBEDFORD, NS, April 29, 2013 /CNW/ - NSX Silver Inc. (TSXV: NSY) is pleased to report that it has signed an amending agreement with\n Minera Pena Blanca SA de CV whereby each of the remaining cash option\n payments for the Dios Padre Silver Property have been extended by a\n period of 3 years. Total option payments of US$500,000 have been made\n to date in accordance with the Dios Padre Property Option Agreement and\n six semi-annual option payments aggregating US$5,500,000 are\n remaining.  The due date for the next option payment in the amount of\n US$250,000 was originally July 31, 2013 and it is now July 31, 2016.\n\n\nHans van Hoof, Chairman and Chief Executive Officer of NSX Silver\n commented:\n\n\n\"I am very pleased that we have been able to negotiate the extension of\n the remaining option payments for Dios Padre.  The three year extension\n provides NSX Silver with the opportunity to advance the Dios Padre\n Project in a methodical manner without the need to raise significant\n highly dilutive funding in the immediate future to fund the option\n payments.  \n\n\nWe consider the Dios Padre Project and our extensive surrounding\n properties to have significant potential for the discovery of further\n precious and base metal occurrences.  NSX Silver has assembled a highly\n qualified exploration team that is undertaking the systematic\n exploration of our mineral property assets in Sonora State and we look\n forward to reporting on the results of this ongoing work.\"\n\n\nUnder the terms of the Option Agreement as amended, NSX Silver can\n acquire a 100% undivided interest in the Dios Padre Property from\n Minera Pena Blanca SA de CV by making further optional cash payments\n totaling US$5.5 million as follows;\n\n\nUS$250,000 on or before July 31, 2016\n\n\nUS$300,000 on or before January 31, 2017\n\n\nUS$300,000 on or before July 31, 2017\n\n\nUS$500,000 on or before January 31, 2018\n\n\nUS$500,000 on or before July 31, 2018\n\n\nUS$3,650,000 on or before January 31, 2019\n\n\n\n\n\nThe Option Agreement also provides for three remaining annual share\n issuances of 250,000 shares of NSX Silver.  The due dates for the\n issuance of the shares are respectively June 8, 2013, June 8, 2014 and\n June 8, 2015.\n\n\nConcurrently with the execution of the Amending Agreement, NSX Silver\...

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