Vangold Mining Corp. said Dec. 19 that it agreed to acquire the silver- and gold-prospective San Carlos property in Mexico's Guanajuato state from Exploraciones Mineras Del Bajio SA de CV.

The company will pay a total of C$425,000 to acquire the project, of which C$350,000 will be settled via the issuance of 5 million shares and the remaining C$75,000 in cash. The transaction remains subject to regulatory approval.

The San Carlos property comprises two main mineralized vein systems and is near Vangold's El Pinguico and Patito I and II claims.

Vangold recently executed a surface land purchase agreement that would allow the company to advance the development of its El Pinguico project.