Oct 19 2012
Sundance Minerals Ltd. announced today the initiation of Phase 1 drilling at the San Ricardo Gold Project located within the prolific porphyry and epithermal gold-silver-copper belt of northern Sonora State, Mexico.
The program consists of approximately 800 meters of diamond drilling in the Santa Cruz Target, one of the multiple targets within Sundance's 38,100 hectares property. The drilling will be carried out by Falcon Perforaciones of Hermosillo, Mexico under the supervision of Sundance geologists.
The program will be conducted under the terms of the option agreement between Paget Minerals and Sundance effective on August 17, 2012. Paget may earn a 51% initial interest in the property from Sundance by incurring C$5,500,000 in exploration expenditures over four years, of which US$500,000 are to be spent during the first year, and an additional 9% interest, for a total of 60%, by completing a pre-feasibility study within another three years (see press releases dated 11 September 2012).
Chris Osterman is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and is responsible for the preparation and verification of the technical information in this release.