Musgrove Minerals Negotiates To Retain 100% Of The Charay Project
(via Thenewswire.ca)
Vancouver, B.C. - Musgrove Minerals Corp. ("Musgrove" or the "Company") (TSX.V: MGS) ("the Company") announces, that it will not be proceeding with the Share Purchase and Loan Agreement for Fibre Crown Manufacturing, to acquire up to a 76% interest in Minerales Jazz S.A. de C.V. (wholly owned subsidiary of Musgrove Minerals Corp.), including Minerales Jazz's rights to the Charay Property, announced in the Company′s press release of September 27, 2010. The Company has negotiated the repayment of $258,000 forwarded by Fibre Crown Manufacturing to Musgrove Minerals, the repayment term is 6 months.
Jack Bal, President of Musgrove, commented: "We are pleased that the Company was able to negotiate for the 100% return of the Charay Project, as we believe the value has increased since the agreement with Fibre Crown was announced in September 2010."
The Company has approximately 11,000 hectares of mineral concessions contiguous to the Charay property, mostly along the strike projections of the epithermal vein system found at Charay.
The Charay and Vianey Projects, will be evaluated and a 2011 work program will be developed, with a priority to develop a 43-101 compliant report for the purposes of justifying commercial development, based on historic and planned drilling.
About Musgrove Minerals Corp.
Musgrove Minerals Corp. www.musgroveminerals.com is a mineral-exploration resource company trading on the TSX Venture Exchange (Symbol: MGS). The Company is currently exploring four advanced exploration-stage projects; the Empire Mine Project; the Musgrove Gold Project, the Charay Gold Project, and the Vianey Mine Silver Project. The Empire Mine Project is a polymetallic skarn deposit containing copper, zinc, gold and silver located in the Alder Creek Mining District in Custer County, Idaho. The mine is located on the east-facing slope of the White Knob Mountains approximately three miles west of Mackay, Idaho. The Property consists of 26 patented mining claims, six mill-site claims and 21 unpatented mining claims. The Musgrove Project is a prospect for a disseminated gold bulk-tonnage surface project similar to the Beartrack Mine, a nearby former gold producer. The Charay property consists of concessions totaling 11,380 hectares, located in Sinaloa, Mexico. The Vianey Mine Project consists of concessions totaling 5,022 hectares in Guerrero State, south/west of Mexico City, Mexico.
BY ORDER OF THE BOARD
"Jatinder (Jack) Bal"
Jatinder (Jack) Bal
President and CEO
MUSGROVE MINERALS CORP.
For further information on Musgrove Minerals Corp., contact Jack Bal at (604) 633-2442, toll free 1-800-667-1442, e-mail jackbal@musgroveminerals.com, or visit our website at www.musgroveminerals.com
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