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Rio Silver Receives Termination Notice Pursuant to the $25 Million Letter of Intent at Ninobamba, Peru
Rio Silver Receives Termination Notice Pursuant to the $25 Million Letter of Intent at Ninoba...
About this update from Rio Silver Inc.
[{"type":"text","content":"\nRio Silver Receives Termination Notice Pursuant to the \n$25 Million Letter of Intent at Ninobamba, Peru\n\nRio Silver Receives Termination Notice Pursuant to the \n$25 Million Letter of Intent at Ninobamba, Peru\nToronto, Ontario CANADA, May 02, 2013 /FSC/ - Rio Silver Inc.  (RYO - TSX Venture), (\"Rio Silver\" or the \"Company\") has received a notice of termination on the previously announced non-binding letter of intent to option its 100% owned Ninobamba silver and gold project in Peru. (See news release issued April 5, 2013)\nThe party to the agreement has indicated that it intends to remain focused on its current exploration financial commitments and will not be opening a Peruvian mining and exploration office at this time. Rio Silver has received the non-refundable payment of US$100,000 that was required under the terms of the agreement to be paid upon the signing of the letter of intent.\nThe Ninobamba property was recently expanded by the staking of an additional 2000 hectares of mineral concessions bringing the total to 4,100 hectares and is 100% owned with no underlying royalties. It is located approximately 330 kilometres southeast of Lima, in the Department of Ayacucho, Peru. The Company views the project as a bulk mineable disseminated silver-gold target. In total seventeen trenches were excavated by the local community during the 2012 exploration campaign and the results were summarized in a news release issued January 14, 2013.\nON BEHALF OF THE BOARD OF DIRECTORS OF \nRIO SILVER INC.\nT John Magee\nCEO and President \nNeither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.\nThis news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, conti...