Prospero Acquires Two Additional Claims for Baborigame Project,
Chihuahua State, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/23/13 -- Prospero
Silver Corp. (TSX VENTURE:PSL) (the "Company") is pleased to announce
that it has signed option agreements enabling it to earn 100% of two
additional claims, Sucara (71.53 hectares) and Dos Amigos (90.39
hectares), within the northern Cebollas target area of the Baborigame
district. With these agreements in place the Baborigame district
claim block is essentially 100% controlled and covers all exploration
targets identified in the project area. Drilling is anticipated to
commence in February.
Prospero signed the agreements for the two claims with underlying
claimholder Compania Minera Terciario, SA de CV ("Terciario"). These
will be integrated into and funded under the joint venture agreement
between Minera Fumarola, SA de CV (a 100% owned Mexican subsidiary of
Prospero Silver Corp) and Minera Hochschild Mexico, SA de CV (see
News Release of August 14, 2012). Under the terms, Terciario and the
joint venture will have the option to earn a 100% interest in the
mining rights of the two claims by making escalating cash payments
totaling US$500,000 within 4 years.
The Cebollas target has potential to host both a disseminated style
of deposit suited to open pit mining, as well as the vein style of
deposit that has been historically identified and mined in the
district. Work on the two new claims indicates a soil anomaly
measuring 1,300m by 500m that includes gold values exceeding 100 ppb.
Surface rock chip geochemistry within the same area indicates gold
values ranging from 0.3 ppm to 16 ppm Au in 51 of the 130 samples
taken. The presence of gold anomalies in soils and in rock chips is
consistent with anomalies in the adjacent Cebollas area. The host of
the anomalies appears to be the same felsic extrusive and intrusive
dome complex which shows, where exposed, anomalous soil and rock chip
geochemistry over a total identified area 2.5km long and 1.0km to
Hochschild and Prospero are preparing Baborigame for a drilling
program. Proposals from drilling companies are currently under
evaluation, and drilling is anticipated to start after a contractor
Tawn Albinson, M.Sc., the President of th
e Company, is a Qualified
Person, as defined in NI 43-101, and is responsible for the technical
content of this press release and quality assurance of the
exploration data and analytical results.
About Prospero Silver Corp.:
Prospero is a Canadian resource company with the majority of its
staff based in Mexico and who work for its wholly owned subsidiary
Minera Fumarola, SA de CV (Fumarola). Following a project generator
model to de-risk exploration and minimize dilution, the Company has a
growing portfolio of high-quality projects and has been successful in
finding strong partners.
Forward-Looking Statement Cautions:
This news release contains certain "forward-looking statements"
within the meaning of Canadian securities legislation, relating to
the closing of a non-brokered Private Placement. Although the Company
believes that such statements are reasonable, it can give no
assurance that such expectations will prove to be correct.
Forward-looking statements are statements that are not historical
facts; they are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "aims", "potential", "goal", "objective",
"prospective", and similar expressions, or that events or conditions
"will", "would", "may", "can", "could" or "should" occur, or are
those statements, which, by their nature, refer to future events.
Factors that could cause actual results to differ materially from
these forward looking statements include, but are not limited to,
variations in the nature, quality and quantity of any mineral
deposits that may be located, the Company's inability to obtain any
necessary permits, consents or authorizations required for its
planned activities, and the Company's inability to raise the
necessary capital or to be fully able to implement its business
strategies. The reader is referred to the Company's reports, publicly
available through the Canadian Securities Administrators' System for
Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com,
including the risk factors discussed in Prospero's November 27, 2009
prospectus. Except as required by securities laws and the policies of
the TSX Venture Exchange, Prospero disclaims any intention or
obligation to update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Prospero Silver Corp.
Press spacebar to pause and continue. Press esc to stop.