Nov 19, 2013 (ACCESSWIRE via COMTEX) — TORONTO, CANADA – November 19, 2013 – Mr. George A. Brown, President of MacMillan Minerals Inc. /quotes/zigman/10214476/realtime CA:MMX -33.33% , is very pleased to announce that the Company has entered into a property option agreement with Minera Penasquito S.A. de C.V., the wholly-owned subsidiary of Goldcorp which operates the Penasquito mine in Zacatecas, Mexico. The Penasquito mine is located approximately 20 kilometres from the Cerro de Oro Project.
Minera Penasquito may acquire an initial 51% interest in the Cerro de Oro Project by making payments to MacMillan totaling US$100,000 and by making exploration expenditures of US$1,500,000 over the next three years.
Minera Penasquito then has the option to increase its interest to 70% by spending a minimum additional US$500,000 and by completing a Mineral Resource Estimate compliant with National Instrument 43-101.
Mr. George A. Brown, President, states: “This property option agreement with Goldcorp is a major step forward for MacMillan. The current market conditions have made it a challenge for junior exploration companies to find the financial resources to advance projects. This agreement has the long term potential to advance the Cerro de Oro to a production decision at no additional cost to MacMillan. We are extremely pleased to have Goldcorp as the strongest possible partner to advance the Cerro de Oro which is located advantageously close to the existing Penasquito operating mine.”
MacMillan is an exploration company with a focus on gold and silver exploration on numerous properties in Mexico. Additional information on the Company can be viewed at www.sedar.com
For additional information, contact: Tel: (416) 867-1101 Fax: (416) 867-1222
Email: [email protected]
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