Junior roundup: Magellan, Camino, Prospero, Paramount

Vancouver-based Magellan Minerals announced an updated NI 43-101 feasibility-level resource estimate for its Coringa gold project in Brazil's Pará state, a press release said.

Highlights include measured and indicated resources of 553,000oz of gold representing 2.18Mt at 7.88g/t at a 2.5g/t cut off. Measured and indicated resources were originally estimated to be 516,000oz representing 2.22Mt at 7.23g/t gold at a 2 g/t cut off.

Inferred resources of 360,000oz of gold representing 2.06Mt at 5.43g/t gold at a 2.5g/t cut off grade represents a 15% increase on the previous grade estimate.

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Vancouver's Camino Minerals signed an access agreement with a local community near its Red Beds project in Peru in preparation for a diamond drilling program that is expected to start shortly, a company statement said.

At its Plata Dorada project, also in Peru, Camino signed a similar access agreement that covers the known mineral showings, with work in the coming months focusing on improving road access to the mineralization in preparation for a diamond drilling program later in the year.

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Mexico-focused Prospero Silver signed a binding agreement with privately held Cayman Islands company CIC Resources, as part of which Prospero grants CIC an option on the El Petate property in Hidalgo state, a Prospero press release said.

CIC has the option to earn a 56% interest within four years by incurring total property expenditures of Cdn$4mn (US$3.18mn), including a minimum of 3,500m of drilling, making total cash payments of Cdn$1.1mn and issuing 2mn resulting issuer shares.

CIC can earn an additional 19% interest over a two-year period by incurring further property expenditures of Cdn$4.4mn, making cash payments of Cdn$1.1mn and issuing 1.5mn resulting issuer shares.

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Nevada-based Paramount Gold & Silver said that a planned merger with Coeur Mining was expected to become effective on April 17, subject to shareholder approval, a statement said.

Paramount has precious metal properties in northern Mexico and in Nevada.