Did you know?
You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)
Closes Acquisition of the Temoris Project
Mar 19, 2009 12:52PM
March 19, 2009
Paramount Gold and Silver Corp. Closes Acquisition of the Temoris Project
OTTAWA, CANADA--(Marketwire - March 19, 2009) - Paramount Gold and Silver Corp. (TSX:PZG)(NYSE.A:PZG)(FRANKFURT:P6G) has closed its acquisition of Magnetic Resources Ltd. which holds title to the Temoris Project and the Morelos Project in Chihuahua Mexico. In a concurrent transaction, the acquisition by Paramount Gold and Silver Corp. of the option on the Temoris Project held by Garibaldi Resources Corp. (TSX VENTURE:GGI) has also closed. These transactions were previously announced on February 17, 2009.
The Temoris Project comprises 54,000 hectares of mining concessions adjacent to its San Miguel project and surrounding Coeur's (NYSE:CDE) Palmarejo Project. Paramount Gold and Silver Corp. is now the sole owner of the Temoris Project and together with its San Miguel and Andrea Project, it controls 140,000 hectares of mining concessions in the Guazapares Mining District. Paramount is now preparing an exploration program for its new Temoris Project.
The Morelos property covers a historic mining area about 25 kilometers southeast of Goldcorp's (NYSE: GG) El Sauzal Mine and 30 kilometers south of Mag Silver's (TSX:MAG) Batopilas project. Should Garibaldi exercise its option, Paramount would receive a $2,000,000 cash payment in April 2010 and a 2% NSR. Finally, Paramount also acquires the 2% NSR held by Magnetic Resources over Garibaldi's Iris project near the Pinos Altos and Ocampo mines.