SUR:CA announced the creation of a wholly-owned subsidiary, Carcara Mining Inc., to advance and develop its silver-zinc-lead projects in southern Peru. In consideration of its four projects, including 10,000 hectares recently staked at Princesa-Pilunani, Caracara will issue a total of 3 million common shares over a two year period, in addition to making cash payments of $500,000.
CEO of Southern Andes Nick Tintor told ResourceClips.com, “Southern Andes’ main focus is in the Macusani camp and uranium exploration. When we took over control and management at the end of May, early June of this year, we saw that in the portfolio there were these assets that—three or four years ago didn’t have a lot interest—but that have a heck of a lot of interest today at $21 an ounce silver and the increased value of zinc and lead. So we created Caracara Mining that holds these assets—to spin them out to our shareholders—and since then we’ve added more ground and did a vendor deal to expand that footprint portfolio in silver and zinc.”
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by Ted Niles