First Mexican agreement for remaining 20% of Guadalupe

2012-02-13 16:30 ET - Property Agreement

The TSX Venture Exchange has accepted for expedited filing documentation pertaining to a purchase and sale agreement dated Jan. 23, 2012, between Minera Internacional Milenio SA de CV (a wholly owned subsidiary of International Millennium Mining Corp.), International Millennium Mining Corp., First Mexican Resources Inc. (a wholly owned subsidiary of First Mexican Gold Corp.) and First Mexican Gold Corp., pursuant to which the company may acquire the remaining 20-per-cent interest in the Guadalupe project, located in the Yecora district, Sonora, Mexico, subject to underlying option and royalty payments. The Guadelupe project originally consisted of the Hilda 30, Hilda 37/38 and Hilda 31/32 properties. The Santa Martha, Santa Patricia, Vianney and Kooteney La Cabana properties have been added to the project pursuant to an area-of-interest provision contained in a Dec. 10, 2009, underlying agreement. In consideration, the company will issue four million shares to International Millennium Mining Corp., which will retain a 2-per-cent net smelter return royalty, of which the company may purchase 1 per cent for $1-million.