Tuesday, 19th August 2008 (364 views)

Canasil has signed a deal with Pan American Silver to explore silver-gold projects in Mexico.

Under the terms of the agreement, Canasil can earn a 51 per cent interest in Pan America's claims of $1 million in exploration expenditures for its project in Escobar in Durango, Mexico.

Pan America can then either back-in to a 51 per cent interest in the combined claims of the two, or sell its remaining 49 per cent to Canasil.

Bahman Yamini, president and chief executive officer of Canasil, said the deal was a "very important development" for the company, giving the chance to work with a firm with an extensive history of working with silver projects in Mexico and Latin America.

Pan American Silver's Escobar claims span 635 hectares, while Canasil's Sandra claims cover 5,513 hectares.

In June, Canasil announced three new projects in Mexico: El Eden, Vizcaino and Carina.

They were acquired by a direct staking of claims and added three prospective silver-gold-copper-lead-zinc targets to the company's portfolio.

 

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