03:50 PM EST - Castle Resources Limited : announced that it has optioned 100% of the San Ramon claim group to MAG Silver Corp. The San Ramon claim group is comprised of eight concessions totaling 312.2 hectares, about five kilometers northeast of the city of Zacatecas. To earn their interest in the San Ramon property, MAG Silver has committed to expenditures of $500,000 U.S. during the first year of the option. Following year one and at its option MAG is required to expend $500,000 U.S. during the second year of the option, $1 million U.S. during the third year of the option, and $1.25 million U.S. during the fourth year of the option for total expenditures of $3.25 million U.S. Castle will retain a 1.5% NSR in the project. In addition, MAG Silver has agreed to the following payment schedule; $75,000 U.S. upon signing of the option agreement and $750,000 U.S. by the fifth anniversary of the agreement. Castle Resources Limited
shares V.CRI are trading up $0.02 at $0.09.
