North Springs Resources Corp. is an exploration company focused on discovering and developing precious metal properties in Nevada, Arizona, and Mexico. The company continues to look for opportunities to add to its asset property base by acquiring additional leases or entering into joint ventures and partnerships that will add to shareholder value.
The company announced today that it has signed a definitive agreement with Hyperion Management Mining to acquire a 10% interest in an option on various gold and silver producing properties in Chihuahua, Mexico. In total the various properties have an inferred reserve estimate of 730,000 ounces of gold and 94 million ounces of silver.
Previously, this deal was also to include a 10% interest in a new milling facility to be built in the area. Both parties remain committed to this goal, but for now, will revisit the building of a milling facility at a later date. The company and its partners have also agreed to terminate the agreements for North Spring to acquire properties in Guyana due to local laws and regulations delaying plans for development of the properties.
Although a definitive agreement has been signed, closing of the deal is still subject to further due diligence, including an additional company-initiated review conducted by an independent, qualified, and licensed Mexican geologist to evaluate the properties in question. If all is well, the transaction is expected to proceed within 3-5 business days.
For further information about North Springs Resources, please visit the company's website at northspringsresources.com
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