Destorbelle has teamed up with Excellon to explore the La Platosa CRD project near Bermejillo, Durango. Presently beginning a 2 stage 6,000 m drill program on the property.
Destorbelle Mines Ltd. [CCU:TSX-V]
La Platosa Project, Durango. Destorbelle has entered into an agreement with Excellon to purchase from Excellon an undivided one-third interest in Excellon's interest in a joint venture with Apex Silver Mines Limited which was created to explore and develop certain mineral properties located in the north-eastern part of Durango State, Mexico, for a cash consideration of $1,275,000 and the further obligation to maintain its interest by contributing one-third of certain future exploration expenses. These properties, which are known as the Platosa/Saltillera properties and which total 14,126 hectares, have been the subject of several exploration programs conducted by both Apex and Excellon. Excellon is presently the operator of the joint venture, and can earn an undivided 51% interest therein by expending the sum of U.S.$2,207,000 on exploration and related property expenditures during the period from August 1, 2001 to August 1, 2003. To date, Excellon has expended the sum of U.S.$631,000 of this commitment, and is currently beginning an exploration program which will include 6,000 meters of diamond drilling. Apex has retained the right to acquire two percentage points of the joint venture from Excellon for a consideration equal to 2% of the anticipated value of the joint venture based on a preliminary feasibility study, such consideration to be capped at U.S.$1,000,000 for the purpose of Apex exercising its option. The Company's purchase therefore represents 17% of the joint venture, which may reduce to 16.3% if Apex takes up its option. Completion of the transactions contemplated by the agreement is subject to regulatory approval. Within sixty days of the completion of the 6,000 - meter drilling program, Excellon may, at its option, require the Company to complete a business combination pursuant to which the Company and Excellon will amalgamate on the basis that the issued shares of the amalgamated corporation will attribute to the predecessor corporations in proportion to their respective interests in the joint venture, subject to reasonable adjustments for assets not related to the joint venture and for liabilities. This business combination will be subject to regulatory approval and to the approval of the shareholders of both the Company and Excellon.
The most recent drilling program at the Platosa/Saltillera properties, conducted in the Autumn of 2001 by Excellon, not only confirmed lateral offsets of flat-lying replacement bodies, grading up to 49.7 ounces per tonne of silver, 28.7% zinc and 16.5% lead over an average interval of approximately 7.1 m, using data from nine intervals over one meter wide, originally discovered by Apex during its 1999 and 2000 drilling programs, but also identified a potential sub-vertical feeder system, grading up to 134.2 ounces per tonne of silver, 3.4% zinc and 2.5% lead over 6.1 m. This feeder system channeled mineralizing fluids to the overlying horizontal replacements. Several mines in Mexico, such as Aguiles Serdan, Mapimi and Naica, have produced millions of tonnes of ore from similar sub-vertical feeder systems.
Press Release 10Apr02