Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Coastal Pacific Mining Corp. (CPMCF.OB) Signs Agreement for 50% Interest in Rich Peruvian Silver Property

Coastal Pacific, – the precious metals firm targeting North and South America which emphasizes a joint venture-based strategy with companies that have rights to attractive reserves, reported signing of a definitive option agreement today to earn a 50% interest in the two-claim, 1200 hectare Santa Rita.

Santa Rita is in Peru, about 200km southeast of Lima, located in the Acobambilla district of Huancavelica province and has been the subject of some exciting analysis since release of the Oct. 2009 NI43-101 Technical Report on the site:

• Multiple veins of mineralization with high Ag (290 g/t), lead (65%) and zinc (7%)
• Open pit accessible reserves
• 1.3M tons of mineralization identified
• $350M estimated value based on $500/ton head grade
• Wide veins and a surface manto (strata-bound horizontal deposit)
• Potential for a similar subsurface manto of even more significant potential

President of CPMCF, Joe Bucci, was quite pleased at having reached a mutually beneficial agreement with the owner of the claims and maintained that, between Santa Rita and the Company’s 120 hectare Hotstone Gold Property in Ontario, CPMCF is in “an enviable position of incredible growth potential”.

With substantial interest already expressed for financing the two extant projects, CPMCF is actively looking to proceed with an initial exploration program outlined in the report and intends to do so the moment that the requisite funds are obtained.

Bucci pledged to provide status updates over the next few days as the deal progresses, assuring investors that all the necessary steps were being taken to secure what looks to be a solid revenue engine for the Company, as global demand for precious metals continues to set new records.

Please see disclaimer on QualityStocks website:

Disclosure: no positions