Mammoth Signs Surface Rights Agreements, Permitting Drilling at Its Tenoriba Property, Mexico
Mammoth Resources Corp. would like to announce that it has signed surface rights agreements that will permit drilling on its Tenoriba precious metal property in the prolific Sierra Madre Precious metal belt, Mexico. The agreements are with two ejidos (an ejido is a communal municipal governance committee which has stewardship over surface land usage); the Baborigame ejido and the Santa Rosa ejido, boundaries of which each cover a portion of the Tenoriba property. In the case of the Santa Rosa ejido and Baborigame, respectively and are renewable on equal terms for periods to be determined, by votes in favour of such extension and terms of extension, at the time of such votes. In the case of Santa Rosa ejido, the surface right agreement was originally signed on April 13, 2014 and is for a term of three years, requires payment of Mexican Peso (MN $) 10,000 (approximately US$800) every six months and is renewable for a second three year period with the same general terms, subject to a new ejido assembly vote and can be cancelled at Mammoth’s convenience. In the case of the Baborigame ejido, the surface right agreement was signed on July 20, 2014 and is presently in the process of being notarized. The agreement is for a term of two years, requires payment of MN $15,000 (approximately US$1,200) every six months and is renewable for an additional year period with the same general terms, subject to a new ejido assembly vote and can be cancelled at Mammoth’s convenience. The difference in amounts to each ejido is on the basis of the amount of ejido property existing on the Tenoriba property and population of each ejido community.
