Esperanza To Sell San Luis Joint Venture
VANCOUVER, BC - Esperanza Resources Corp. reported that it has signed a definitive agreement and received shareholder approval to transfer its 30% interest in the San Luis joint venture in Peru to Silver Standard Resources Inc. Consideration for the sale is: C$17 million; The return of 6,459,600 shares of Esperanza owned by Silver Standard which Esperanza will cancel); and A 1% net smelter returns royalty on all future production at the San Luis project.
Esperanza is focused on advancing the development of its principal property, the wholly-owned Cerro Jumil gold project in Morelos State, Mexico. It is also actively investigating 11 other exploration interests in Peru and Mexico. In October of 2010 it announced a strategic investment which resulted in a 35% interest in Global Minerals Ltd. (TSX VENTURE:CTG - News), majority owner of the Strieborna silver/copper/antimony project in Roznava, Slovakia. The company's address is 543 Granville Street, Suite 501, Vancouver, BC V6C 1X8, (604) 685-2242, fax: (604) 688-1157.