On August 22, 2024, a mining corporation based in Vancouver, British Columbia announced a strategic agreement with a subsidiary of Fortuna Mining Corp. The agreement involves the assignment of a mining concession for the La Joya Project in Mexico in exchange for a 2% royalty on the Net Smelter Returns (NSR) from the project. There is also an option for Fortuna to acquire an additional 1% NSR for US$1,000,000. The La Joya Project is located in the state of Hidalgo, Mexico.
The President and CEO of the mining corporation expressed satisfaction with the agreement, highlighting the company’s continued focus on exploring transformational transactions. Additionally, the company has an existing royalty agreement with Fresnillo plc on the Naranjillo Property in Mexico.
Plata Latina Minerals Corporation, the mining company, initially had properties in Mexico but has since sold its Naranjillo Property to Fresnillo plc. As part of the agreement, the company receives advance royalty payments until a specified amount is reached or until commercial production begins at Naranjillo. The company also holds a 3% NSR royalty on the property.
The press release further details the corporate background and ongoing strategic initiatives of the mining company. For more information, the original press release can be accessed through the provided source link. Neither TSX Venture Exchange nor its Regulation Services Provider has endorsed the content of this release.
