San Marco Grants Option on La Buena Property
29.02.2012 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Feb. 29, 2012) - San Marco Resources Inc. (TSX VENTURE: SMN) is pleased to report it has granted an option to Skanderbeg Capital Partners Inc. of Vancouver, BC to acquire a 50% interest in San Marco's La Buena property, Zacatecas, Mexico.La Buena property hosts a similar geological environment to Goldcorp's Penasquito mine, located approximately 8 km to the south. San Marco acquired the property in 2010 and subsequently completed detailed geological mapping, ground magnetometer surveys, Induced Polarization surveys, surface geochemistry, resulting in multiple drill targets being identified. Permitting for drilling as well as surface rights contracts are in place. Details of San Marco's exploration results can be found on its website. (www.sanmarcocorp.com)
Skanderbeg shall transfer its option to a US publicly traded company, which may earn a 50% interest in La Buena property under the following terms:
- Provide $6,000,000 to San Marco for exploration on La Buena by December 31, 2014. Of this total, $1,000,000 to be spent by December 31, 2012 and $500,000 to be spent by December 31, 2013 are firm commitments.
- Cash payments of $400,000 as follows; $100,000 by March 6, 2012 (firm); $100,000 by December 31, 2012; $100,000 by December 31, 2013 and $100,000 by December 31, 2014.
- Issue 2,500,000 shares of the public company to San Marco as follows; 1,000,000 shares by May 31, 2012; 500,000 shares by December 31. 2012 and 1,000,000 shares by December 31, 2014.
- At the election of San Marco, subscribe for a minimum of $400,000 of San Marco's securities on a private placement basis by March 31, 2012.
San Marco shall be the operator and a joint management committee shall approve all exploration programs.
San Marco Chairman, Robert Willis commented; "We are pleased to share an enthusiastic and positive outlook with the Skanderbeg Group regarding exploration success at La Buena. Our partnership will allow the San Marco exploration team to continue aggressively exploring for new targets on this large property and commence drilling several known ones."
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contact Information
San Marco Resources Inc.
Robert D. Willis, Chairman & CEO
604-813-2606
rwillis@sanmarcocorp.com
San Marco Resources Inc.
Michael Mallard, V.P. Corporate Communications
604-506-3776
mmallard@sanmarcocorp.com
www.sanmarcocorp.com