Tamino Minerals Inc. said Dec. 11 that it inked a letter of intent to acquire 100% ownership of a gold, silver and copper project named Ofelia, in the state of Sonora in Mexico.
The company said that the purchase would involve making escalating payments of up to US$1.0 million plus 2% net smelter return.
Tamino sees the project to be a potential flagship due to its estimated 100,000 to 200,000 gold equivalent ounces near the surface, equivalent to US$150 million to US$300 million additional revenue to the company.
The company said that it believes the project could have 1 million ounces of gold if only an exploration program would be completed.
The acquisition furthers Tamino's strategy to build its Mexico-based portfolio.