El Tigre Silver Announces Agreement on Silver and Gold Tailings Recovery Project in Sonora, Mexico
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/13/11 -- El Tigre Silver Corp. (the "Company" or "El Tigre") (TSX VENTURE: ELS)(PINK SHEETS: EGRTF)(FRANKFURT: 5RT) is pleased to announce it has signed an option agreement (the "Option Agreement") with Martin Lopez Lauterio (the "Owner") of the surface land and tailings, to exploit the extensive surface tailings which resulted from the former Lucky Tiger Combination Gold Mining Company mine in the Sierra El Tigre. The tailings are located on the concessions that are part of El Tigre's 430 square kilometre concession ownership in Sonora, Mexico.
Under the terms of the Option Agreement, the Company through its wholly owned Mexican subsidiary, Pacemaker Mining SA de CV, will have up to two years to evaluate the tailings and design a procedure to extract the contained silver. In order to exercise its option, the Company will pay the Owner $20,000 USD upon signing of the Option Agreement and has agreed to spend $30,000 USD in engineering work during the two year term. At any time during the initial two year phase, if the Company decides to proceed with the option, the Owner will receive a further payment of 100,000 common shares of the Company. The Owner will also receive a royalty of 10% of net profit on the tailings project,which will be calculated as gross proceeds from the sale of mineral, metals and concentrates net of all costs including, smelting, refining, penalties, assay cost, arbitrage, shipping, insurance, trade tax, foreign tax, exploration, engineering, depreciation and amortization and generally all costs to obtain the minerals from the tailings.
It has been historically reported that the El Tigre Mine operated between 1903 and 1938 and recovered over 75 million ounces of silver at an average grade of 40 ounces per ton. The evaluation program will systematically drill and sample the tailings to better estimate the tonnage and the grade.
The technical content of this news release has been approved by Steven D Craig, CPG and Vice President of Exploration for El Tigre, a Qualified Person as defined in NI 43-101.
About El Tigre Silver Corp.:
The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions comprising 430 square kilometres located in north-eastern Sonora, Mexico (the "El Tigre Property"). A technical report has been prepared for the El Tigre Property and can be found on the Company's profile on SEDAR at and on the Company's website at .
Cautionary Statements:
This news release contains forward-looking statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in the Company's public documents filed on SEDAR at . Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contacts:
El Tigre Silver Corp.
Stuart Ross
President and CEO
(780) 977-7187
El Tigre Silver Corp.
Steven Craig
VP Exploration
(775) 815-8456
El Tigre Silver Corp.
Rob Grace
Corporate Communications
(604) 639-0044
(604) 608-6163 (FAX)
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 13.09.2011 - 13:00 Uhr
Sprache: Deutsch
News-ID 65395
Anzahl Zeichen: 1032
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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"El Tigre Silver Announces Agreement on Silver and Gold Tailings Recovery Project in Sonora, Mexico"
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