Dec 2 2014
Samco Gold Limited today announces the further extension of the binding letter of intent with Pan American Silver Corp. announced on May 29, 2014, to grant PAS the exclusive option to acquire a 60% interest in the El Dorado Monserrat project in Santa Cruz, Argentina.
The letter of intent now terminates on February 1, 2015 (instead of December 1, 2014) if a definitive agreement between the parties' Argentinean subsidiaries has not been entered into by such date. The parties continue to diligently work to finalize a definitive agreement between their respective subsidiaries and expect to conclude the definitive agreement in the next few weeks.
About the El-Dorado Monserrat Property
The El Dorado-Monserrat project covers an area of approximately 8,000 hectares and is situated adjacent to AngloGold Ashanti's major Cerro Vanguardia gold mine and approximately 150 kilometres from Pan American's Manantial Espejo mine.
Prior to its acquisition by Samco, the El Dorado and Monserrat concessions had been the subject of a number of exploration campaigns conducted by different operators in joint venture. Prior to the 2012 drill program by Samco of approximately 18,000 meters (see www.samcogold.com/news for historic press releases and presentations detailing results), Aur Resources' gold division conducted an extensive surface (including over 64 kilometres of trenching) and shallow drilling (totalling some 15,000 metres) campaign over certain of the principal targets on the project.