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/R E P E A T -- Rio Silver Inc. Acquires the Palta Dorada Gold-Silver-Copper Project in Northern Peru and Signs Memorandum of Understanding for Joint Development/
/R E P E A T -- Rio Silver Inc. Acquires the Palta Dorada Gold-Silver-Copper Project in No...
About this update from Rio Silver Inc.
[{"type":"text","content":"\n\n\n\n/R E P E A T -- Rio Silver Inc. Acquires the Palta Dorada Gold-Silver-Copper Project in Northern Peru and Signs Memorandum of Understanding for Joint Development/\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Jan. 9, 2020\n\n\n\nVANCOUVER, Jan. 9, 2020 /CNW/ - Rio Silver Inc. (\"Rio Silver\" or the \"Company\") (TSX.V: RYO) announces the acquisition of the Palta Dorada Au-Ag-Cu property (\"Palta Dorada\" or the \"Property\"). The property contains several high-grade gold-silver veins both oxide and sulphide that has been mined by artisanal methods. The Company has also signed a Memorandum of Understanding (\"MOU\") with Peruvian Metals Corp (\"Peruvian Metals\") to jointly explore the Palta Dorada Au-Ag-Cu Property (\"Palta Dorada\" or the \"Property\") by initially conducting a detailed sampling and mapping program along with a bulk sampling campaign and processing the mineral at Peruvian Metals' 80% owned Aguila Norte Processing Plant (\"Aguila Norte or Plant\"). \n\n \n \n\n \nThe Palta Dorada Au-Ag-Cu Property is located in the Ancash Mining Department in Northern Peru and covers an area of approximately 1200 hectares. The Property is accessible from the Plant by approximately 180 kms of mainly paved roadway. The MOU establishes a joint effort to explore and develop the property. Any sales from metal concentrates produced from the bulk sampling activity and all operational expenses will be shared between companies. Peruvian Metals' 80% owned Plant will charge the joint effort commercial mineral processing rates on a similar basis to its other clients for processing the bulk samples.\nPeruvian Metals will also have the option to earn a 50% ownership in the property. Equal ownership will occur once Peruvian Metals has matched Rio Silver's acquisition price of the project of $250,000 US by assuming all capital and exploration expenditures. Any shortfall of capital expense by Peruvian Metals will require a cash payment to the joint effort by December 31, 2021. Both companies will enter into a definitive shareholder agreement in Per...