- Huntington Exploration (HEI) has signed a binding letter of intent to acquire a 100 per cent interest in Lago De Oro SA de CV, a subsidiary of Lago de Oro LLP
- Lago De Oro SA de CV holds title to the 537 sq. km El Grande exploration property
- Huntington has agreed to pay to Lago De Oro LLP US$500,000 in cash, 4 million shares, along with milestone bonuses
- Huntington has appointed Mr. Bruce A Pate as a Strategic Advisor to the board
- Huntington Exploration Inc. is a minerals exploration company
- Huntington Exploration Inc. (HEI) opened trading at C$0.20 per share
Huntington Exploration (HEI) has signed an LOI to acquire a 100 per cent interest in Lago De Oro SA de CV.
Lago De Oro SA de CV holds title to the 537 sq. km El Grande exploration property located near the town of Acaponeta in the State of Nayarit, Mexico, approximately 150 km southeast of the resort city of Mazatlán in the State of Sinaloa.
The El Grande property is located in the southern portion of the 700 km-long Sierra Madre Metalogenic province that hosts significant gold, silver and base-metal deposits and producing mines. The project is being targeted for its copper, gold and silver potential.
Huntington intends to initiate its regional exploration program following the completion of the transaction, around the end of November.
Subject to TSXV approval and the completion of due diligence, Huntington has agreed to pay to Lago De Oro LLP US$500,000 in cash, 4 million shares of Huntington, a Net Smelter Return capped at 2 per cent, and milestone bonus payments.
Huntington has appointed Mr. Bruce A Pate as a Strategic Advisor to the board. Mr. Pate is the General Partner of Pate Capital Partners LP, which he founded in 2004 to invest in publicly traded companies with an emphasis in the energy- and resource-related sectors.
Mr. Pate spent more than 20 years as a principal at Morgan Stanley & Co. where he managed fixed income and equity portfolios.
Huntington Exploration Inc. is a minerals exploration company focused on exploring early-stage precious metals properties in Canada and Mexico.
Huntington Exploration Inc. (HEI) opened trading at C$0.20 per share.
