Business
Ross River completes acquisition of El Pulpo
Ross River completes acquisition of El Pulpo.
About this update from Ross River Minerals Inc.
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, July 12 /CNW/ - Ross River Minerals Inc. (TSX-V: RRM) (the\n\"Company\") and its wholly owned subsidiary Minera Rio Ross S.A. de C.V. (\"Rio\nRoss\") are pleased to announce that they have completed the acquisition of the\nEl Pulpo project from Almaden Minerals Ltd. (\"Almaden\") and its wholly owned\nsubsidiary Minera Gavilan S.A de C.V. (\"Minera Gavilan\"). The Company has\nissued 2.2 million shares to Almaden. Minera Gavilan will retain a 2% NSR\nroyalty regarding any minerals removed from the Gavilan, Gavilan II and\nGavilan 3 concessions, of which half (a 1% NSR) can be purchased by Rio Ross\nfor fair market value as determined by an internationally recognised\nengineering firm acceptable to both parties.\nIn addition to transferring the Gavilan, Gavilan II and Gavilan 3\nconcessions, Almaden and Minera Gavilan have also acknowledged that they have\nno further interest in the Polo and Los Frayles (Title No. 212809) and the Los\nFrayles (Title No. 223308) concessions which form part of the El Pulpo\nproject. Rio Ross has the option to acquire 100% of the right, title and\ninterest in the Polo and Los Frayles (Title No. 212809) concessions for US\n$117,000. Rio Ross is currently paying the optionors US $1,000 per month with\nthe balance due on April 23, 2006. The optionors retain a 1% NSR royalty which\ncan be purchased by Rio Ross for US $300,000. Rio Ross has also acquired 100%\nof the right, title and interest in the Los Frayles (Title No. 223308)\nconcession. The optionor has retained a 1% NSR royalty which can be purchased\nby Rio Ross for US $300,000.\nThe Company will issue to Almaden an additional 1.0 million shares when\nexploration and development expenditures on the property meet or exceed US\n$10.0 million and an additional 1.0 million shares on the delivery of a\npositive feasibility study recommending production on any part of the\nproperty. The option agreement dated April 10, 2003 between Almaden and Minera\nGavilan and the Company with respect to the project has been terminated.\nThe El Pulpo project is located 125 kilometres northeast of Mazatlan,\nSinaloa State, Mexico and covers an area of approximately 200 square\nkilometres (20,231 hectares). Ross River has identified four gold-silver vein\nand five porphyry copper-gold-silver-molybdenum targets with only a third of\nthe property ex...