First Mexican Gold Corp. established a joint venture with Link Natural Resources (LNR) FZC, a private entity in the United Arab Emirates, Tuesday to advance their Guadalupe mine project.
First Mexican's Guadalupe property is located in the same geographic region of Mexico as many producing mines in the Sierra Madre Occidental. Under the terms of the agreement, LNR will acquire a 50 percent working interest in exchange for a scheduled investment within the first year totaling $8 million.
"We are delighted to have secured a supportive partner to advance the Karen zone and further explore the additional potential indicated by previous drill results within the Guadalupe property,” Jim Voisin, president and CEO of First Mexican’s Guadalupe, said. “This deal underscores the importance and relief that private equity is bringing to good projects in the junior sector as with the individual investors whom have supported us to this point.”
LNR FZC is a privately funded resource investment and development group that on seeks to advance mineral, oil and other natural resource assets worldwide, and First Mexican Gold Corp explores precious metals in Mexico and controls a 100 percent interest in the Guadalupe property package.
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