Consolidated Magna Ventures Ltd CMV
Shares issued 20,187,176 Jun 17 close $0.28
Thu 18 Jun 98 Acquisition
The VSE has accepted for filing, documentation pertaining to letters of
intent dated Aug. 15, 1996, and Oct. 21, 1996, together with executed
agreements dated March 3, 1998, and May 28, 1998, between Sociedad
Beneficiadora y Comercializadora de Minerales El Rosario S.A. de C.V. (El
Rosario), a private Mexican company, Ejido Potrero de Cancio (Cancio), a
cooperative of property owners, and the company. The company, through
Minera Mexicana El Rosario (a subsidiary of the company), can acquire from
El Rosario, a 100 per cent interest in a metallurgical processing plant and
its property site located 4km north of Choix, State of Sinaloa, Mexico.
Consideration, based on a valuation by Esperanza Engineering Services
(Jorge S. Schonherr), is a cash payment totalling $1,200,000 (U.S.),
payable in stages. The company, through Minera del Cielo Azul, S.A. de C.V.
(a subsidiary of the company), can acquire from Cancio, a 100 per cent
interest in two copper-iron-silver-gold mineral concessions known as the El
Cristal (305 hectares) and Cuauhtemoc (49 hectares), 10km east of the mill
facility. Consideration for the two concessions is a total cash payment of
$175,000 (U.S.) in stages. Cancio retains a sliding-scale nsr royalty of 1
- 2 per cent based on the price of copper to begin after the payback of
capital costs.
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