Category: Exploration and Development

Goldgroup Mining Inc. advises that Sonoran Resources LLC and its Mexican subsidiary, SR Servicios Mineros, S.A. de C.V. have filed a lawsuit in Arizona, USA against Oroco Resource Corp., Minas de Oroco Resources S.A. de C.V. and Goldgroup. The lawsuit arises from Oroco’s sale of the Cerro Prieto project to Goldgroup and pertains to certain contracts that were in place between Oroco, Minas de Oroco and Sonoran prior to the Acquisition.

Oroco Resource Corp. advises that Sonoran Resources LLC. and its Mexican subsidiary, SR Servicios Mineros, S.A. de C.V., have filed a lawsuit in Arizona against Oroco, Minas de Oroco Resources, S.A. de C.V., and Goldgroup Mining Inc. arising from events and services related to the engineering, procurement and construction management agreement and related service agreements between Oroco, Minas de Oroco and Sonoran in regard to the mine construction at Cerro Prieto, Sonora State, Mexico. In August of 2013, Oroco sold MOR, the owner of the Cerro Prieto Property, to Goldgroup.

Mexus Gold US announced today that on March 24, 2014, the Company entered in to an agreement with First Pursuit Silver de Mexico S. De R.L. De C.V. whereby Mexus Gold US and Mexus Gold Mining S.A. de C.V. sold 100% of its interest in Mexus Enterprises S.A. de C.V. Mexus Enterprises S.A. de C.V. is the company’s operating entity in Mexico which owned and operated the San Felix Project (“Project”). The total purchase price of $5,000,000 will be paid by the assumption of certain debt and in shares of common stock of Silver Pursuit Resources Limited and $4,000,000 in cash to be paid no later than March 24, 2015. Mexus will continue to hold a 50% security interest in the Project until such time as the full purchase price is paid by FPV. The agreement includes a full release of the Company and its affiliates from all potential claims and liabilities related to the Project, its former joint venture partners and allows the Company to retain possession of all owned machinery located at the San Felix Project.

Bearing Resources Ltd. is pleased to announce that it has received notice from Newmont de Mexico, S.A. de C.V., a wholly owned subsidiary of Newmont Mining Corporation, that it plans to commence drilling on Bearing’s Pedro property in Durango Mexico this week. Newmont is exploring the Company’s wholly owned Pedro gold project in Durango, Mexico under an option agreement dated September 24, 2013 and plans to drill 600 metres of core and 2,400 metres of RC. Since signing the September agreement, Newmont has completed soil sampling in the gap area between the main Pedro grid and the smaller Pedro north grid where Bearing discovered extensive hydrothermal alteration and anomalous gold in rocks and soils. Newmont also completed a wide-spaced CSAMT geophysical survey over the anomalous area. CSAMT is a ground based geophysical system capable of estimating bedrock resistivity at depth and which could potentially detect silicified structures or horizons.

BACANORA MINERALS LTD. announced today that Rare Earth Minerals, Plc has satisfied all conditions under the terms of the joint venture agreement between Bacanora and REM in respect of the San Gabriel, Buenavista and Megalit concessions (details of which are set out in the Company’s press release dated March 12, 2014) to earn a 10% interest in the subsidiary that will hold the Concessions (Minera Megalit S.A. de C.V.). In particular, REM has provided the Company with an upfront cash payment of $250,000, together with a further $500,000, which has been allocated towards exploration and drilling on the Concessions. With this condition having been satisfied, the Concessions are now in the process of being transferred to Minera Megalit S.A. de C.V., following which shares therein will be issued to REM.

Freyja Resources Inc. announced today that it has received a drilling permit from the Secretary of the Ministry of Environmental and Natural Resources of Mexico. The Permit covers areas of the Las Cristinas Property where drilling operations will not impact vegetation.

Lowell Copper Ltd. and Minaurum Gold Inc. are pleased to announce that further to their previously announced binding letter agreement which, among other things, granted an option on Minaurum’s Santa Marta VMS project in Oaxaca Mexico, the parties have executed a definitive option agreement.

Freyja Resources Inc. announced today that it has received a drilling permit (the “Permit”) from the Secretary of the Ministry of Environmental and Natural Resources of Mexico. The Permit covers areas of the Las Cristinas Property where drilling operations will not impact vegetation. The first phase of the drilling program, which is expected to start in April 2014, will consist of approximately 1,000 meters, with more drilling targets to be identified in the coming weeks.

SilverCrest Mines said that a contractor employee died in an accident at its Santa Elena mine in Mexico last Friday.

International Northair Mines Ltd. is pleased to provide an update of the ongoing exploration program at its La Cigarra silver Project, located in north central Mexico.