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VANCOUVER, BC, July 22, 2024 /CNW/ - Silver Viper Minerals Corp. (the "Company" or "Silver Viper") (TSXV: VIPR) (OTC: VIPRF) announces that further to its press release April 6, 2023 and October 20, 2023, it has completed the terms of the amended Rubi-Esperanza Option Agreement (the "Agreement") with respect to its right to purchase 100% ownership of three mineral concessions covering 2,102 hectares at the La Virginia Gold-Silver Project ("La Virginia" or the "La Virginia Project"), located in the Sierra Madre of eastern Sonora State, Mexico.
"Silver Viper is thrilled to announce that we now fully own the entire La Virginia Project," said Steve Cope, CEO of Silver Viper Minerals Corp. "Completing the terms of the Rubi-Esperanza Option Agreement and acquiring 100% ownership of these key mineral concessions marks a significant milestone for our company. This achievement not only enhances our position in Mexico, but also strengthens our commitment to advancing the La Virginia Gold-Silver Project. We are excited about the potential this project holds and look forward to the next phase of exploration and development."
The Company made the final payment of US$775,000 (or C$1,042,142.50, based on a fixed exchange rate of US$-C$ of 1.3447 set out in the amendment) of Shares issuable by the Company to satisfy the final payment under the Agreement in June 2024. Per the Amendment, the Company must issue no more than 10,969,921 at a deemed price per share of C$0.095. The Company confirms it issued the vendors an aggregate of 10,969,921 Shares on June 27, 2024. The Company also made the final cash payment of US$200,000 to the vendors.
All Shares issued in connection with the Agreement are subject to a statutory 4-month hold period from their respective date of issue. In addition, for a one-year period following the expiry of the applicable statutory hold period, the vendors may not sell such Shares and then may only do so after providing at least 2 weeks' notice to the Company of their intension to sell any such Shares.
The vendors are at arm's length to the Company and its Affiliates or Associates (as such terms are defined in the TSXV Corporate Financial Manual).
About the Project
La Virginia is located 220 kilometres east-northeast of Hermosillo, Sonora and is prospective for low-sulphidation epithermal precious metal mineralization. The property and historical exploration database were acquired by way of option agreements made with two distinct parties. Gold and silver mineralization at La Virginia occurs within breccias, veins and stockworks, hosted primarily by andesitic volcanics, often in close spatial association to, or cross-cutting pre-mineral dacite dykes and controlled by fractures and faults that define the regional structural trend. Silver Viper's reconnaissance program identified key targets and trends which are of primary interest and subsequently filed strategic reductions in claims to attain the current project surface area of 6,882 hectares.