09:46 AM EST - Acero-Martin Exploration Inc. : announced that it has entered into a Letter of Intent or "LOI" with Solitaire Minerals Corp. Pursuant to the terms of the LOI, Solitaire Minerals will acquire up to a 75-per-cent interest in the Company's Pinaya Gold/Copper Deposit located in southern Peru as well as the Minas Lucho Property and the La Mamita Property for incurring exploration costs totaling $6.40 million U.S., plus a payment to the Company of $2.40 million U.S. on or before December 31, 2012. Pursuant to this transaction, the Company will retain a 1.5-per-cent net smelter royalty. The final LOI will be subject to regulatory approval, and a final definitive agreement. The Company also announced that due to its transaction with Solitaire, it will reduce the number of units offered from 40 million Units to 10 million Units. The remaining terms of the placement, as announced, remain unchanged in that these units are being offered at $0.05 per unit with each unit consisting of one common share and one share purchase warrant, with every two full warrants exercisable for one common share at $0.06 per share for a six-month period. The proceeds of this private placement will be used for general working capital. Acero-Martin Exploration Inc.
shares V.ASD are trading down $0.01 at $0.06.
