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Fortuna Silver acquires Mexican property from Radius Gold


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Fortuna Silver acquires Mexican property from Radius Gold

Fortuna Silver Mines Inc. completed the acquisition of the Tlacolula property from Radius Gold Inc. for US$150,000 cash and 239,385 common shares, according to an Aug. 2 news release.

The property is part of Fortuna Silver's San Jose gold-silver project in Mexico.

Under a 2009 agreement, Fortuna Silver was earning a 60% interest in the Tlacolula property over four years, but the deadline for meeting required expenditures under the option lapsed.

In March, the parties amended the option agreement, allowing Fortuna Silver to fully acquire the property.

Radius will retain a 2% net smelter returns royalty on the property, and Fortuna can purchase half of the royalty by paying Radius US$1.5 million.