Southern Silver Exploration Corp. (TSXV:SSV,FWB:SEG) reported that Freeport-McMoRan Exploration Corporation provided $475,000 to Southern Silver – utilized as to $250,000 to pay the February 2014 periodic option payment to the optionor of the Cerro Las Minitas mineral concessions, with the balance of $225,000 utilized in exploration expenses on the property. Southern Silver also reported that FMEC completed a second phase of exploration on the Cerro Las Minitas project.
As quoted in the press release:
FMEC Option status:
To date, FMEC has provided Southern Silver with $4,107,103 utilized as follows:
- paid Southern Silver $700,000 in option payments;
- funded $1,798,000, including applicable taxes, to the CLM optionor as option payments; and
- funded exploration costs of $1,609,103 on the project.
Southern Silver also reported that FMEC has completed a second phase of exploration on the Cerro Las Minitas project including 2,055 metres of new drilling together with further surface sampling and geophysical surveys on targeted areas throughout the larger property.