Thursday, September 12, 2019 6:09:30 PM
On March 27, 2009, the Company entered into a Preliminary Mineral Exploration Agreement with Omar Alejandro Flores Madrigal for a 100% interest in the Cinco Minas and Gran Cabrera Gold properties and mineral concessions in Mexico for a total purchase price of $7,500,000 USD.
On March 30, 2009, the Company paid a deposit of $5,000,000 for the properties by issuing a total of 800,000,000 restricted shares at $.00625 to Comercalizadora, Servicios Y Distribuidora Track, S.A. DE C.V. (400,000,000 shares) and to Omar Alejandro Flores Madrigal, Principal Officer, (400,000,000 shares).
On April 6, 2009, the 800,000,000 shares were assigned to Novamex Mineral S.A..
On December 10, 2010, the mineral exploration agreement was finalized with the purchase price for the assets comprising the mineral concessions "Gran Cabrera" was $2,500,000 and "Cinco Minas" was $5,000,000. As of August 31, 2012, the total purchase price has been paid in full and $2,257,914 has been incurred for exploration and development costs. Also, see Question 3 below.
(3) A brief history of previous operations, including the names of previous operators, insofar as known.
The Cinco Minas site covers roughly 10,750 hectares and is located approximately 100 kilometres northwest of the City of Guadalajara. The Gran Cabrera site covers roughly 4,300 hectares and is located approximately 35 kilometres northwest of Cinco Minas.
Anaconda Mining Company was the previous owner of the Cinco Minas property. Between 1922 and 1928 it mined a reported 1,083,000 tonnes of ore averaging 3.17 g/t gold and 476 g/t silver. This equates to 97,364 oz. of gold (2,760 kilograms) and 15,095,915 oz. of silver (427,954 kilograms).
The most recent work that was previously done on the property was by Tumi Resources Ltd. in 2003-2005.
John Nebocat, P.Geo, produced three detailed technical briefs as the qualified person for that company. His reporting and assessment work is the most complete reporting that exists in the Cinco Minas area. Tumi Resources also hired the firm of Behre Dolbear de Mexico to assist Nebocat in the final determinations of resource grade estimates for their November 2004 reporting.
https://www.otcmarkets.com/ajax/showFinancialReportById.pdf?id=96742
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