San Marco Expands La Buena Gold Project in Mexico
January 11 2011 - 7:00AM
Marketwired
San Marco Resources Inc. (TSX VENTURE: SMN) is pleased to announce
it has signed an agreement with Golden Minerals Company (AUMN: NYSE
Amex) (AUM: TSX) to acquire a 22 hectare concession adjacent to San
Marco's wholly-owned La Buena gold-silver project in Mexico. The
terms of the purchase are:
-- Payment of US$ 25,000;
-- Issuance of 100,000 shares upon receipt of TSX Venture Exchange
approval; and
-- Sliding scale net smelter returns royalty of 1.5% - 2.5% depending on
gold price between US$ 800 and US$ 950 per ounce.
The concession will be considered part of La Buena project
acquired from Golden in January 2010 for the purposes of
determining whether the project contains more than 1.25 million
gold equivalent ounces (in reserves and measured and indicated
resources) whereupon a further US$ 1 million payment must be made
to Golden pursuant to the January acquisition. Payment may be cash
or shares at San Marco's election.
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: San Marco Resources Inc. Robert D. Willis Chairman
& CEO 604-813-2606 rdwillis@telus.net San Marco Resources Inc.
Mike Mallard V.P. Corporate Communications 604-506-3776
mmallard@sanmarcocorp.com www.sanmarcocorp.com
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