Silvermex Resources (TSX-V: SMR) has signed a definitive agreement with Aurcana Corporation (TSX-V: AUN) to acquire a 100% interest in the Rosario Property. The property is located within Sinaloa State, Mexico. The property consists of 18 concessions which total about 8,515 hectares located about 95 km southeast from Mazatlan. The acquisition will include all facilities, surface rights, prior underground workings, water, power, offices, shops, 60 man camp, warehouses and assay lab.
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For the acquisition Silvermex paid $435,000 to Aurcana on August 25, 2009 and the company will pay a further Cdn$207,000 and issue 1 million shares by November 15, 2009. Upon successful production the company will issue an additional 1 million shares and pay Cdn$500,000 every six months for five months for a total of Cdn$2,500,000. The company will also make Aurcana's final payment to Grupo Mexico for $731,000 USD in February, 2010.
Silvermex Resources Ltd. is an exploration-stage company. The Company is engaged in the acquisition, exploration and evaluating mineral resource properties in Mexico, through its wholly owned subsidiary, Minera Terra Plata, S.A. de C.V. Its property portfolio includes Penasco Quemado Project, Tubutama, Sonora, Mexico; Lobos Project, Caborca/Pitiquito, Sonora, Mexico; Cerro de Plata Project, Sonora, Mexico; Lety Project, Santa Maria del Oro, Durango, Mexico; El Rayo Project, Magdalena de Keno, Sonora, Mexico; San Marcial Project, Sinaloa, Mexico and La Frazada Project, Nayarit, Mexico. Subsequent to the fiscal year ended April 30, 2009 (fiscal 2009), the Company entered into a letter of intent with Aurcana Corp. to acquire a 100% interest in the silver-gold-lead-zinc Rosario Property located in south eastern Sinaloa State, Mexico.
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