Original option agreement with First Mexican Gold Corp. (First Mex) allows First Mex to earn an 80% interest in the Hilda properties. First Mex has the right to earn its interest in the contiguous Hilda 30, Hilda 31/32 and Hilda 37/38 concessions, a gold silver project with a total area of 1,350 hectares, situated in the South East of Sonora state, Mexico, about 190 km ESE of the state capital Hermosillo, and approximately 50 km west from the town of Yecora. A paved highway passes within 15 km from the property.
This property is bordered by Corex Gold Corp (TSX-V: CGE) on two sides and in the same general area as the Mulatos mine of Alamos Gold Inc., Dolores mine of Minefinders Corp Ltd., and Ocampo mine of Gammon Gold Inc.
An updated NI 43-101 Technical Report on the Hilda 30 Concession (the “Property”) was commissioned in support of the approval process for the Qualifying Transaction and co-authored by James G. Burns, whom carried out the original technical report from 2007; and John Archibald, whom was engaged to carry out and oversee the RC Drilling Program on the Property in the fall of 2009. This Technical Report contemplates all work carried out through to the end of 2009, i.e. extensive surface sampling, 3 diamond drill holes and 7 reverse circulation holes. The Company has filed this report on SEDAR (www.sedar.com).
Location Map
This property is bordered by Corex Gold Corp (TSX-V: CGE) on two sides and in the same general area as the Mulatos mine of Alamos Gold Inc., Dolores mine of Minefinders Corp Ltd., and Ocampo mine of Gammon Gold Inc. There are literally producers and past producers in every direction from Guadalupe!
The value of the transaction to take the Company public was based primarily around previous equity financings to $1.5 million. Of which $1,354,000 is the audited amount of work spent on or in support of work to advance the project at site. In summary from 2008 thru to the fall of 2009 this consisted of:
The Company has filed this report on SEDAR (www.sedar.com).
