Feb 10 2015
Samco Gold Limited announces the execution of a definitive option agreement between its Argentinean subsidiary and Pan American Silver Corp.'s Argentinean subsidiary, granting PAS the exclusive option to acquire a 60% interest in the El Dorado-Monserrat project in Santa Cruz, Argentina.
The parties intend to participate in the exploration and development of EDM leading to the commencement of mining activities at the project. Details of the business terms are described in Samco's news release dated May 29, 2014.
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.