VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 7, 2013) - Prospero Silver Corp. (TSX VENTURE:PSL) ("Prospero" or the "Company") is pleased to announce that its JV partner Silver Standard Resources, Inc. ("Silver Standard") has commenced a 4,000 meter diamond drill program with two rigs in the San Luis Cordero project located in central Durango. This initial program is aimed at multiple targets including the extension at depth of the Santa Rosa mineralized zone, the extension to the northwest of the Santa Rosa trend, the chargeability anomaly under the limestone plateau located in the western zone, new vein targets north of and parallel to the Santa Rosa vein, the extension to the east of the Santa Rosa skarn zone, new targets defined by an IP survey and geochemistry in the eastern La Puerta target zone, and an additional hole in the high zinc Canal target zone.
Under the terms of the Definitive Agreement, Silver Standard has the option to earn a 51% interest within 3 years by incurring total property expenditures of US$3.5M, a minimum of 4,000 meters of drilling in Year 1, and total cash payments of US$1.5M (see Prospero´s News Release of March 20, 2013). Upon Silver Standard earning a 51% interest, the initial joint venture program shall have a minimum program cost of US$4M over 36 months and require the preparation of a pre-feasibility level study on the property. The Definitive Agreement also contains provisions related to additional joint venture exploration and development programs, including the dilution of a joint venture partner´s participating interest if such partner does not fund its portion of a program.
Drill programs Prospero conducted in 2010 and 2011 encountered high‐grade silver, copper and zinc mineralization at multiple targets within the core of the San Luis del Cordero district. "Silver Standard's involvement brings financial capacity and expertise that would enable San Luis del Cordero to move forward quickly," said Tawn Albinson, President of Prospero.
Tawn Albinson, M.Sc., President of the Company, is a Qualified Person, as defined in NI 43-101, and is responsible for the technical content of this press release.
About Prospero Silver Corp.:
Prospero is a Canadian resource company with the majority of its staff based in Mexico and who work for its wholly owned subsidiary Minera Fumarola, SA de CV (Fumarola). Prospero's objective is to quickly evaluate the properties currently optioned for their suitability to provide size potential and/or amenability for strategic joint ventures.
Forward-Looking Statement Cautions:
This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to the closing of a non-brokered Private Placement. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. Factors that could cause actual results to differ materially from these forward looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, and the Company's inability to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, including the risk factors discussed in Prospero's November 27, 2009 prospectus. Except as required by securities laws and the policies of the TSX Venture Exchange, Prospero disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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.