Ross River Completes Acquisition of El Pulpo
Vancouver, Canada (ots/PRNewswire)
Ross River Minerals Inc.
(TSX-V: RRM) (the "Company") and its wholly owned subsidiary Minera
Rio Ross S.A. de C.V. ("Rio Ross") are pleased to announce that they
have completed the acquisition of the El Pulpo project from Almaden
Minerals Ltd. ("Almaden") and its wholly owned subsidiary Minera
Gavilan S.A de C.V. ("Minera Gavilan"). The Company has issued 2.2
million shares to Almaden. Minera Gavilan will retain a 2% NSR
royalty regarding any minerals removed from the Gavilan, Gavilan II
and Gavilan 3 concessions, of which half (a 1% NSR) can be purchased
by Rio Ross for fair market value as determined by an
internationally recognised engineering firm acceptable to both
parties.In addition to transferring the Gavilan, Gavilan II and Gavilan 3 concessions, Almaden and Minera Gavilan have also acknowledged that they have no further interest in the Polo and Los Frayles (Title No. 212809) and the Los Frayles (Title No. 223308) concessions which form part of the El Pulpo project. Rio Ross has the option to acquire 100% of the right, title and interest in the Polo and Los Frayles (Title No. 212809) concessions for US$117,000. Rio Ross is currently paying the optionors US$1,000 per month with the balance due on April 23, 2006. The optionors retain a 1% NSR royalty which can be purchased by Rio Ross for US$300,000. Rio Ross has also acquired 100% of the right, title and interest in the Los Frayles (Title No. 223308) concession. The optionor has retained a 1% NSR royalty which can be purchased by Rio Ross for US$300,000.
The Company will issue to Almaden an additional 1.0 million shares when exploration and development expenditures on the property meet or exceed US$ 10.0 million and an additional 1.0 million shares on the delivery of a positive feasibility study recommending production on any part of the property. The option agreement dated April 10, 2003 between Almaden and Minera Gavilan and the Company with respect to the project has been terminated.
The El Pulpo project is located 125 kilometres northeast of Mazatlan, Sinaloa State, Mexico and covers an area of approximately 200 square kilometres (20,231 hectares). Ross River has identified four gold-silver vein and five porphyry copper-gold-silver-molybdenum targets with only a third of the property explored to date. The porphyry targets appear to be components of a major enriched hydrothermal system. The Company is now in a position to accelerate the exploration of the multiple targets on the property and pursue alternate financing opportunities.
To find out more about Ross River Minerals Inc. (TSX-V: RRM) visit our website at www.rossriverminerals.com.
ROSS RIVER MINERALS INC.
Per: "Marcus Foster"
Marcus N. Foster, President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy or the adequacy of this release.Contact:
For further information: ROSS RIVER MINERALS INC., No. 1004 - 750
West Pender Street, Vancouver, BC, V6C 2T7, Telephone:
+1-(604)-682-2770, Facsimile: +1-(604)-682-2331