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Friday, 30th January 2009 (1099 views)

Columbus Silver has announced that it has signed a new agreement with a principal of Cordex Exploration for an option to acquire 100 per cent of his rights in a gold district of New Mexico.

The agreement with John Livermore covers around 2,400 acres of the Mogollon silver-gold district in south-west Mexico and includes the principal historic mines and part-explored vein systems.

Located around 120km north-west of Silver City, the Mogollon district covers an extensive silver-gold bearing epithermal vein field and recorded historic production, primarily from the Little Fanney and Last Chance mines, totalled 327,000 ounces of gold between 1905 and 1925.

Modern exploration activities at the prospect have been limited and Mr Livermore has conducted some evaluations previously that outlines a silver-gold deposit in the Queen vein.

Under the Livermore option agreement, Columbus Silver will start annual payments on the first anniversary and conclude them on the third anniversary of the deal in order to secure outright purchase, with a bonus payment due on commencement of commercial production.

Based in Vancouver, British Columbia, exploration and development company Columbus Silver operates in the western United States and its project activities are managed exclusively by Cordex, which is owned and operated by Mr Livermore and Andy Wallace.

 

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