Prospero Silver (PSL-V) Project Generator and JV Strategy for most projects
www.prosperosilver.com
35.5 million o/s excellent share
Insiders own 19.5%
<$0.5 million cash (as of Dec 2012)
Prospero Silver (PSL-V) announced that its joint venture partner, Minera Hochschild Mexico, commenced a 3,000-meter reverse circulation drill program at the Baborigame project in Chihuahua. This initial program on the northern part of the 8,458-hectare claims is aimed at multiple targets defined during the past six months
April 2, 2013 - News Release
Prospero Silver Corp.'s joint-venture partner Minera Hochschild Mexico SA de CV has commenced a 3,000-metre reverse circulation drill program in the northern Cebollas target area at the Baborigame project in Chihuahua. This initial program on the northern part of the 8,458-hectare claims is aimed at multiple targets defined during the past six months. Sampling over the felsic igneous body 2.5 kilometres in length shows both rock-chip and soil sample anomalies, which indicate potential to host both near-surface, bulk-tonnage and high-grade vein mineralization. An additional 2,000 m diamond drill program is also planned in the southern part of the claims along the southeast extension of the largest vein in the district, the Diente de Oso vein. This large structure exhibits vein widths up to 10 m and up to multipart-per-million gold in surface samples.
Under the terms of the original agreement, Hochschild has the option to earn a 51-per-cent interest within three years by making total expenditures of $3.7-million (U.S.), drilling a minimum of 3,500 m in year one and total cash payments of $1.9-million (U.S.). Hochschild will have the right to earn an additional 14 per cent with expenditures of at least $4-million (U.S.) and a cash payment of $200,000 (U.S.). If Prospero elects not to participate in the resulting 65-per-cent/35-per-cent joint venture, Hochschild will have the option to earn an additional 10 per cent during years five and six by financing the project through to completion of a definitive feasibility study.
During 2010, Prospero drilled 2,630 m aimed at high-grade vein targets. Highlights from this program included 3.12 m of 13.0 grams per tonne gold and 24.5 g/t silver in hole PBAB-10-11; and 1.4 m of 6.1 g/t Au and 75.2 g/t Ag in hole PBAB-10-09; both under the historic Los Angeles vein and mine. Upon Prospero securing additional claims in 2011 in the northern Cebollas sector of the district and the recognition of disseminated mineralization hosted within a felsic igneous body in that area, the current exploration program is focused primarily toward exploration of the bulk-tonnage Cebollas targets.
Tawn Albinson, MSc, president of the company, qualified person as defined in National Instrument 43-101, is responsible for the technical content of this press release.
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