|August 04, 2010|
Prospero Acquires Rights to Claims and Prepares to Drill the El Dorado Project, Nayarit State, Mexico
|Vancouver, BC - Prospero Silver Corp (TSXV:PSL) ("the Company") is pleased to announce it has signed an exploration agreement for "El Dorado" claim in the Minitas district in coastal Nayarit state, located 70 kilometers NNW of Tepic, Nayarit near the town of Rosamorada. "El Dorado" claim covers 800 meters of length in the core section of the Dorado vein. In addition, the Company's 100% owned Mexican subsidiary company Minera Fumarola, SA de CV in late June claimed newly opened ground over the westerly extension of the El Dorado vein covering an additional 900 meters of strike length on the structure. |
El Dorado vein trend exhibits a general N50°E strike dipping steeply to the NW and a continuous reef outcrop 1.5 kilometers in length. Additional discontinuous outcrops both to the NE and SW indicate a strike length of 3.5 kilometers. A historic longitudinal section of the El Dorado vein indicates that it was mined for gold and silver to a depth of 80 meters from the surface during the early 20th century in the Los Murcielagos mine. The workings from this mine are largely inaccessible and there are no records of production and grade from the stopes of this mine. Between 1977 and 1987 a second mine known as El Dorado mine which is located 250 meters further NE was developed in three levels to a depth of 30 meters below the surface.
The company has started systematic sampling and mapping of the El Dorado vein outcrops and dumps, and has identified at least three targets for diamond drilling under the old mines. Both NNE striking as well as E-W striking splits of the main structure indicate structural complexity and potential for multi-meter wide precious metal mineralization. Drilling is anticipated to begin in mid-August.
Both the Pacific railroad and the Tepic-Mazatlan freeway are located 700 meters from the SW limits of the vein system offering easy access and a favorable infrastructure setting for the project.
The terms of the "El Dorado" claim agreement involve a payment of $25,000 USD at signing, a second payment of $25,000 USD at month 6, and incremental staged payments for a total of $800,000 USD in two years, with no underlying royalties.
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 and quality assurance of the exploration data and analytical results.
This news release contains forward-looking statements within the meaning of the Canadian provincial securities laws that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding future exploration plans. 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 public disclosure record which is available on SEDAR (www.sedar.com), including the risk factors discussed in Prospero's November 27, 2009 prospectus. Although Prospero believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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 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.
You can view the Next News Releases item: Wed Sep 1, 2010, Prospero Drills 3.12 Meters of 13 G/T Au, 24.5 G/T Ag at the Baborigame Project, Chihuahua
You can view the Previous News Releases item: Tue Jul 27, 2010, Prospero Clarifies Historic Production and Technical Disclosures Related to its Baborigame, Cordero and Campana Projects
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