Bandera Gold Ltd (fka BGL)

[EarnestDD]

Easy to find. MD&A had it very clear.

Cinco Minas and Gran Cabrera Properties
The Company signed an Option Agreement with Minera San Jorge, S.A. de C.V (MSJ) to acquire a 60% interest in the Cinco Minas and Gran Cabrera Mexican mining properties (the “Properties”) by making option payments of $300,000, issuing 2,800,000 common shares of the Company to MSJ and providing financing of $5,600,000 for Cinco Minas which has been fulfilled, and a commitment of $2,000,000 for Gran Cabrera to MSJ over a five year period for the exploration and development of the Properties.

MANAGEMENT DISCUSSION AND ANALYSIS
SIX MONTHS ENDED MAY 31, 2011

All easily found on SEDAR.
jmo