News Releases
Jul 08, 2009 Mexoro Minerals Ltd Signs Definitive Agreement To Sell Its Guazapares Project For Up To $5.3 Million CHIHUAHUA, MEXICO - (MXOM.OB) (Frankfurt: OYA1) -- JULY 8, 2009 - Mexoro Minerals Ltd. is pleased to announce that it has signed a definitive agreement to sell its Guazapares project located in southwestern Chihuahua, Mexico to Paramount Gold de Mexico, SA de C.V., the Mexican subsidiary of Paramount Gold and Silver Corp. ("Paramount") for a total consideration of up to $5.3 million USD. The sale is subject to satisfaction of various conditions precedent prior to closing. Payment for the properties is expected once the title of the claims has been re-registered in Paramount's name with the Mining Bureau in Mexico. A 5.7% commission is payable on the closing of the sale. Mexoro's Guazapares project comprises 12 claims close to Paramount's San Miguel discovery. The purchase price is to be paid in two stages. The first payment of $3.7 million will be deposited into escrow on signing of the definitive agreement and will be released from escrow to Mexoro when the transfer of the 12 claims to Paramount is finalized. An additional payment of $1.6 million is due to Mexoro if, within 36 months following execution of the agreement, either (i) Paramount Gold de Mexico SA de C.V. is sold by Paramount, either through a stock sale or a sale of substantially all of its assets, or (ii) Paramount's San Miguel project is put into commercial production. Barry Quiroz, President of Mexoro, stated, "The sale of the properties to Paramount is a good deal for Mexoro shareholders. Our main focus is completing our feasibility study at Cieneguita and ramping up production there. The initial cash payment from Paramount, while not diluting shares for existing investors, will provide Mexoro with additional working capital to explore its existing properties, retire debt and allow us to pursue additional attractive properties." About Mexoro: Mexoro Minerals Ltd. is an exploration stage company focused on exploring for precious metals in the traditionally mineral rich Sierra Madre region of Chihuahua, Mexico, which controls three historical gold-silver mines for which additional exploration has confirmed significant mineral potential. The Company also has claims on additional properties in the state of Chihuahua. This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information included in this Press Release including such forward-looking statements. Corporate Headquarters Mexoro Minerals Ltd. C. General Retana #706 Col. San Felipe, Chihuahua, Chih. C.P. 31203 Mexico Tel: +52 (614) 426-5505 E-mail: info@mexoro.com | |