Dec 10 2010
Astral Mining Corporation has announced the signing of a Letter of Intent whereby Astral can acquire an undivided 100% interest in three (3) mineral exploitation claims covering approximately 4,196 hectares, collectively known as the Los Crestones Property, located within the prolific Sierra Madre gold-silver belt, 100km north of the Sinaloa state capital, Culiacan.
Never drilled, the property hosts numerous mineralized showings and small scale workings and is prospective for vein and breccia hosted low sulphidation epithermal gold and silver.
Astral may earn a 100% interest in the property by making payments totaling US$750,000 over a period of four years. The vendors retain a 0.5% NSR royalty, which may be purchased by Astral for US$400,000 at any time. On closing the agreement a finder's fee is payable.
Subject to due diligence, Astral intends to sign a formal agreement with the claim owners before January 12th, 2011. As part of Astral's review, company geologists have undertaken a property visit which included sampling of exposed veins and historical underground workings. In preparation of exploration activities, the company has initiated consultation with local stakeholders from the surrounding area. Astral considers ongoing consultation with local residents a critical factor in ensuring that all parties benefit from future developments on the project.
Samples collected by Astral's team were shipped to Acme Laboratories' sample preparation facility in Guadalajara, Jalisco state. The company will announce these results once received and compiled.
Technical details contained in this news release have been reviewed by Dale Brittliffe, P.Geo., a Qualified Person as defined in National Instrument 43-101 and Astral's Exploration Manager.
Source:
Astral Mining Corporation