Vancouver, Canada (ots/PRNewswire) - Ross River Minerals Inc.
(TSX-V: RRM) (the "Company") and its wholly owned subsidiary Minera
Rio Ross S.A. de C.V. are pleased to announce that they have entered
into an agreement with Almaden Minerals Ltd. and its wholly owned
subsidiary Minera Gavilan S.A de C.V. ("Almaden") to acquire 100% of
the right, title and interest in the El Pulpo concessions and the
underlying agreements, collectively known as the El Pulpo project.
Upon completion of this transaction the option agreement dated April
10, 2003 between Almaden and the Company with respect to the project
On closing, Ross River Minerals Inc. will issue to Almaden 2.2
million shares. The Company will issue an additional 1.0 million
shares when exploration and development expenditures on the property
meet or exceed US$10.0 million and an additional 1.0 million shares
on the delivery of a positive feasibility study recommending
production on any part of the property. To date exploration and
development expenditures on the concessions total approximately
US$2.0 million. Almaden will retain a 2% NSR regarding any minerals
removed from the Gavilan, Gavilan II and Gavilan 3 concessions, of
which half (a 1% NSR) can be purchased by the Company from Almaden
for fair market value as determined by an internationally recognised
engineering firm acceptable to both parties.
The El Pulpo project is located 125 kilometres north-east of
Mazatlan, Sinaloa State, Mexico and covers an area of approximately
200 square kilometres. Ross River has identified four gold-silver
vein and four porphyry copper-gold-silver-molybdenum targets with
only a third of the property explored to date. The porphyry targets
appear to be components of a major enriched hydrothermal system. This
acquisition will enable the Company to accelerate the exploration of
the multiple targets on the property and permit the Company to
aggressively pursue alternate financing opportunities.
This transaction is subject to the approval of the TSX Venture
To find out more about Ross River Minerals Inc. (TSX-V: RRM) visit
our website at www.rossriverminerals.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy or the adequacy of this release.
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