Mining - Peru - Mexico

Junior permits, M&A roundup: Braeval, Condor, Brigadier

Junior permits, M&A roundup: Braeval, Condor, Brigadier

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Toronto-based Braeval Mining's (TSX: BVL) subsidiary Braeval Mexico has entered into a memorándum of understanding with Prospero Silver's subsidiary Minera Fumarola in relation to the Plomosa lot mining concession, part of the El Petate project in Mexico's Hidalgo state.

Both companies have agreed to carry out a definitive agreement whereby Braeval will have the exclusive exploration rights at El Petate and an option to incorporate a JV company following the completion of a 48-month earn in through cash payments totaling US$1.42mn, and 2mn Braeval common shares.

Upon signing the agreement, Braeval has made a minimum commitment of US$50,000 and 2.5km of drilling, a press release reads.

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Vancouver-based Condor Resources (TSX-V: CN) has been notified by Exploraciones Aguila Dorada (EAD) that it has received approval from Peru's energy and mining ministry for exploration activities as part of EAD's Cóndor de Oro project.

Condor has an irrevocable option to acquire 85% of EAD's issued shares, and has granted Mariana Resources an option to acquire 60% of this interest, according to a company statement.

In addition to activities in Peru, Condor Resources has properties in Chile.

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Toronto's Brigadier Gold (TSX-V: BRG) entered into a letter of agreement with compatriot Santa Fe Metals establishing the terms with which Brigadier will acquire a 100% undivided right, title and interest in the Cuatro Ciénagas mineral property in Mexico.

The property consists of six concessions totaling 3,408ha in Coahuila state, with physical evidence of historic artisanal miner exploration and exploitation, according to a release.

Brigadier will pay an aggregate of Cdn$882,000 (US$854,568) over a 42-month period, of which Cdn$625,000 will be paid by the issue of treasury shares, with the option of accelerating the payments in order to acquire the property in a shorter period.

Brigadier also announced the resignation of Denis Hayes as president and CEO, and the appointment of Grant Hall, effective Sep 6.