Southern Silver Exploration Corp reported today that the company was the successful bidder in an auction conducted by the Mexican Federal Government with respect to the sale of the EL Magistral Mineral Concession in the Ameca region in the State of Jalisco, Mexico. The company also reports that it has started a second phase of RC and diamond drilling on the Sorpresa-Magistral project.
The company has agreed to purchase the 1,366 hectare mineral concession by the payment of P$150,000 (CDN$ 15,600) over a twenty four month period to earn a 100% interest. The mineral concession is subject to a 1% NSR payable to the Mexican Government.
The EL Magistral claim forms an integral portion of a 110 square kilometer Sorpresa-Magistral project consolidated by the company during the past two years. The company initially acquired an option to purchase a 100% interest in the La Sorpresa claims (See NR-13-05) from a private claim owner and subsequently executed an agreement with Fury Explorations Ltd. (FUR-TSX.V) of Vancouver to earn up to 65% in the Magistral concession. (See NR-10-06).
The Magistral and El Magistral properties completely surround the La Sorpresa claims upon which the company has carried out phase I exploration work (See NR-11-06) and is currently undertaking a second phase drilling program. Up to 2500 metres of drilling is anticipated as part of the phase II program which will utilize a dual RC and diamond drill rig to test the extension of several near surface mineralized zones identified on the original La Sorpresa claims and at least one new target area on the expanded claim position, which was generated through compilation of airborne geophysical data, surface mapping and sampling.
Lawrence Page, Q.C., company president stated: “Acquisition of the Magistral claim was important to us to complete our land package and to consolidate the area for a comprehensive exploration program. Airborne magnetometer information acquired by us as part of the Fury Explorations Ltd. Agreement discloses significant exploration targets on the Magistral claim. The current exploration program will be expanded to include promising targets on the Magistral I and Magistral claim. Acquisition of the Magistral claim may well prove to be the “Jewel in the Crown”.
Rob Macdonald, (P.Geo.), is the Qualified Person responsible for reviewing the technical results reported in this release.
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On behalf of the Board of Directors,
“Lawrence Page”
Lawrence Page QC, President, Director
Southern Silver Exploration Corp.
For further information visit www.southernsilverexploration.com or please contact Jay Oness at 1-888-456-1112 / 604-684-9384 or by email at corpdev@mnxltd.com