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Monarca to acquire polymetallic San Jose property in Mexico

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Monarca to acquire polymetallic San Jose property in Mexico

Monarca Minerals Inc. said Nov. 21 that it signed a letter of intent with a group of landowners to acquire the San Jose gold-silver-lead-zinc-copper property in Chihuahua, Mexico.

Consideration comprises US$150,000 in staged payments over a two-year period. The landowners will also retain a 2% net smelter royalty, half of which can be repurchased for US$100,000.

The agreement calls for a four-month due diligence period before a definitive agreement is executed.