Prospero Silver and Silver Standard Sign Option Agreement to Joint Venture the
San Luis Cordero Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/20/13 -- Prospero
Silver Corp. (TSX VENTURE:PSL) ("Prospero" or the "Company") is
pleased to announce that it has signed the definitive agreement with
Silver Standard Resources Inc. (TSX:SSO)(NASDAQ:SSRI) ("Silver
Standard") for an option to joint venture Prospero's San Luis del
Cordero property in central Durango State, Mexico. The initial Letter
of Intent with Silver Standard to Joint Venture Cordero was news
released on September 17, 2012.
Under the terms of the Definitive Agreement, Silver Standard has the
option to earn a 51% interest within 3 years by incurring total
property expenditures of US$3.5M, a minimum of 4,000 meters of
drilling in Year 1, and total cash payments of US$1.5M. Upon Silver
Standard earning a 51% interest, the initial joint venture program
shall have a minimum program cost of US$4M over 36 months and require
the preparation of a pre-feasibility level study on the property. The
Definitive Agreement also contains provisions related to additional
joint venture exploration and development programs, including the
dilution of a joint venture partner's participating interest if such
partner does not fund its portion of a program.
The mineral concessions comprising the San Luis del Cordero property
are currently held by a Mexican company that is a related party to
Prospero. The claimholder and Prospero have entered into an agreement
whereby Prospero may acquire a 100% interest in the property (subject
to a 2% net smelter royalty payable to the claimholder)
contemporaneously with Silver Standard earning in its interest under
the joint venture agreement.
Tawn Albinson, M.Sc., President of the Company, is a Qualified
Person, as defined in NI 43-101, and is responsible for the technical
content of this press release.
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). Prospero's objective is to
quickly evaluate the properties currently optioned for their
suitability to provide size potential and/or amenability for
strategic joint ventures.
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.
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