Vancouver, British Columbia--(Newsfile Corp. - January 27, 2020) - Plata Latina Minerals Corporation (TSXV: PLA) ("Plata Latina" or the "Company") is pleased to announce that through its wholly-owned subsidiary Plaminco S.A. de C.V., it has entered into an Agreement of Assignment of Mining Concessions (the "Agreement") with Minera Argentita Exploracion, S. de R.L. de C.V., a wholly-owned subsidiary of The Electrum Group ("Electrum"), with respect to Plata Latina's three exploration properties in Mexico, which include Vaquerias, Palo Alto and La Joya (the "Three Properties").
Pursuant to the Agreement, Electrum will pay Plata Latina US $100,000 for each property that it exercises the option for, potentially totalling US $300,000. The Company will grant Electrum a period of four months (the "Option Period") the exclusive right to evaluate the Three Properties. The Option Period started on January 20, 2020 and will expire on May 20, 2020. On or before the expiration of the Option Period, Electrum has the right to exercise its option to acquire any or all of the three exploration concessions. Electrum has commenced their due diligence.
In addition, during the Option Period, Electrum has agreed to reimburse the Company the remaining 2019 semi-semester mining duties on the Three Properties up to a maximum amount of US $50,000. Electrum will also pay the mining duties for the first six-month period of 2020 on the Three Properties.
About the Three Properties
The Vaquerias Property is situated in the state of Jalisco, Mexico, northwest of the Guanajuato Mining District and consists of two Federal exploration concessions, totalling 4,411 hectares in area. The mining permits are valid until 2061.
The Palo Alto Property is located in the state of Aguas Calientes, Mexico, also northwest of the Guanajuato Mining District and consists of three Federal exploration concessions, totaling 4,722 hectares and are valid until 2061 to 2062.
The La Joya Property is located in the state of Hidalgo, Mexico, southeast of the Guanajuato Mining District and consists of one Federal exploration concession, totalling 924 hectares. The concession is valid until 2060.
About Plata Latina Minerals
Plata Latina Minerals is a Canadian exploration company with a portfolio of four silver-gold properties situated in the prolific Mexican Silver Belt focused on discovering new silver-gold vein districts. Plata Latina's expertise with its ore horizon concept model and extensive experience in Mexico provides a competitive edge for discovery of new districts between old historic deposits. Its highly experienced management team and board are focused on developing its portfolio of high-potential targets and exploring additional value-creation opportunities.
For more information on Plata Latina, please contact:
W. Durand Eppler, President & CEO
Telephone: +1 800 933 9925
Neither 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 release.
The forward-looking statements contained in this news release are made as of the date of this release. Except as required by applicable law, Plata Latina disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking information reflects the current expectations or belief of the Company based on information currently available and such information is subject to a number of assumptions, risks and uncertainties, including risks related to exploration, uncertainties related to financings, the uncertainties of interpreting exploration results and other risks associated being a mineral exploration company.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/51846