Musgrove Minerals Corp. Announces 50% Vianey Mine Project has been sold
(via Thenewswire.ca)
Vancouver, B.C. - Musgrove Minerals Corp. ("Musgrove" or the "Company") (TSX.V: MGS) is pleased to announce a Mineral Claim Purchase Agreement between the Company, Minerales Jazz S.A. de C.V. (wholly owned subsidiary of the Company) and Grand Peak Capital Corp. Minerales Jazz holds 50% interest in the Vianey Mine consisting of concessions totalling 5,022 hectares in Guerrero State, south/west of Mexico City, Mexico. Grand Peak currently holds a 50% interest in the Vianey Mine, which it acquired from Wits Basin Precious Metals Inc.
Under the terms of the Agreement, Grand Peaks purchases the remaining 50% interest in the Vianey Mine by paying to the Company an aggregate of $325,000, with $125,000 payable upon the legal transfer of the Minerales Jazz interest, to Grand Peak, with $100,000 payable on or before the date which is 12 months from the Effective Date, and with $100,000 payable on or before the date which is 24 months from the Effective Date.
This Agreement is subject to regulatory approval.
Jack Bal, President of Musgrove, commented: "this is one more step, towards the focus on our two Idaho projects."
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 100% interest "Empire Mine" Project; the 100% interest "Musgrove Creek" Gold Project, the 100 % interest "Charay" Gold Project, and the 50% interest "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 totalling 11,380 hectares, located in Sinaloa, Mexico. The Vianey Mine Project consists of concessions totalling 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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Copyright (c) 2011 Thenewswire.ca - All rights reserved.