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Silver Viper Signs Non-Binding Letter of Intent to Acquire Core Claims of La Virginia Gold-Silver Project, Sonora, Mexico
Silver Viper Signs Non-Binding Letter of Intent to Acquire Core Claims of La Virginia Gold...
About this update from Silver Viper Minerals Corp.
[{"type":"text","content":"\n\n\n\nSilver Viper Signs Non-Binding Letter of Intent to Acquire Core Claims of La Virginia Gold-Silver Project, Sonora, Mexico\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, Dec. 13, 2017\n\n\n\n\n\n\n\nVANCOUVER, Dec. 13, 2017 /CNW/ - Silver Viper Minerals Corp. (the \"Company\" or \"Silver Viper\") (TSX-V: VIPR) is pleased to announce the signing of a non-binding Letter of Intent (\"LOI\") on three mineral concessions forming the core of the La Virginia Gold-Silver Project (\"La Virginia\"), located in the Sierra Madre Occidental, 220 kilometres (\"km\") east-northeast of Hermosillo, Sonora, Mexico.\n\n\n \n \n\n \nTerms specified by the LOI provide for Silver Viper to earn 100% ownership of the 2,102 hectare project by making cash payments to the owners totaling US$4.5 million in staged, escalating payments over a 4- year period as per the following schedule;\n\nFirst Anniversary of Effective Date, US$200,000 cash payment Second Anniversary of Effective Date, US$500,000 cash payment Third Anniversary of Effective Date, US$1,000,000 cash payment Fourth Anniversary of Effective Date, US$2,800,000 cash payment\n\nSilver Viper will assume responsibility for claim taxes and maintenance costs. Claim owners will retain a 2% Net Smelter Return (NSR) which may be purchased by Silver Viper for US$2.0 million within 5 years of the effective date, or for US$3.0 million after the 5th Anniversary.  The LOI also provides Silver Viper with a 120 day due-diligence period to complete data compilation and verification.  Not all project data is available at this time and the due diligence period will allow Silver Viper to locate, compile and interpret all information generated during the project's history as it advances toward the Definitive Agreement.\n\nLa Virginia is characterized by laterally extensive epithermal style gold-silver mineralization in quartz stockworks, veins and hydrothermal breccias hosted in andesites and felsic dykes.  Mineralization is controlled by structures related to the north-northwest regional trend, anomalous ...