Red Oak & IPT Executes LoI
Nuevo Taxco Silver-Gold to be acquired Red Oak Mining and Impact Silver (IPT) have executed a non-binding Letter of Intent (LoI) for an arm’s length transaction whereby Red Oak may earn a 100% interest in the Nuevo Taxco Silver-Gold Project located approximately 80 km south west of Mexico City and west of the municipality of Tetipac within the Pregones Silver-Gold District. Impact Silver conducted initial geological work on the property mapping twenty-one (21) high grade silver veins and identifying initial priority drill targets. Under terms of the agreement (subject to regulatory approval), Red Oak may earn 100% interest in the approximately 1,100 hectare property by completing exploration expenditures of $1,400,000, making cash payments of $300,000 and issuing 3,500,000 common shares to IPT over a 3-year period. Pregones Mining District The Pregones Mining District is one of three principal production centers with the Zacualpan District situated ten ...