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New company focued in Mexico. This looks good.
PAST CORNER BAY TEAM SUPPORTS STINGRAY
The TSX Venture Exchange has given notice that Stingray Resources' shares will begin to trade today on the TSX Venture Exchange as a Tier 2 company by virtue of a reactivation which includes: a property of merit in Mexico, new management and an addition to the board of directors.
The company has optioned several gold and silver exploration properties (collectively called "El Indio") in north-central Mexico along the significant Sierra Madre precious metal belt where the new management has demonstrated exploration success.
The El Indio property is a collection of three closely spaced concessions totalling 2,414 hectares. The company's qualified person, Victor Jaramillo, PGeo, states: "The property hosts strong silicification, stockwork zones with narrow quartz veining, and quartz flooded hydrothermal breccias. In the centre and northwestern area of the El Indio property, an elongated area of alteration approximately 1.5 kilometres long by 250 metres wide is readily visible. Rock alteration (silicification), stockwork quartz veining, vuggy textures, chalcedonic quartz, anomalous arsenic, antimony, mercury and samples with values above one gram per tonne gold are all very strong indications that the El Indio property may host an epithermal precious metal deposit."
Although little work by today's exploration standards has been completed on this property, it is located in a prime geological setting where significant early stage lithogeochemical sampling indicates gold and silver mineralization between recently discovered/developing mineral deposits, including Alamo Dorado (Pan American Silver Corp.), El Sauzal (Glamis Gold Inc.), Monterde (Kimber Resources Inc.), Ocampo (Gammon Lake Resources Inc.), Mulatos (Alamos Gold Inc.) and Doloris (Minefinders Corporation Ltd.)
The company has entered into an agreement (subject to regulatory approval) with Minera Uruachic S.A. de C.V. a private Mexican company. Under the terms of the agreement, Stingray will become Operator and earn a 75-per-cent interest by making payments in cash of $500,000 and stock of 250,000 common shares plus, completing exploration work totalling $1-million over a seven-year period. The first year requirements include cash payments of $25,000, stock payment of 12,500 common shares and a work program of no less than $100,000.
Recently appointed executive management of the company includes Peter Mordaunt, PGeo, as president, Steve Brunelle as vice-president, Edward J. Badida, CA, as vice-president finance, and Hector Cordova as exploration manager in Mexico. In addition, Peter Mordaunt has been appointed to the board of directors. Michel Blouin an experienced securities lawyer and legal counsel for the company was earlier elected to the board and appointed corporate secretary. This management team is the group that was ultimately responsible for the discovery and development of the Alamo Dorado silver deposit in Mexico and the subsequent merger of Corner Bay Silver Inc. with Pan American Silver Corp.
New president, Peter Mordaunt states, "It is great to be back exploring for precious metals in Mexico, a NAFTA partner with a long-standing mining tradition, we are especially pleased working along a district we know well, where several major discoveries have been made in recent years."
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