Southern Silver Exploration (SSV.V) announced it made the final $150,000 payment which was necessary to acquire 100% of the Oro property in southern New Mexico. The Oro property consists of 17.2 square kilometers and lies completely within the Laramide copper porphyry belt.
Desert Star has optioned the property and can earn in up to 70% by spending $6M in exploration and delivering a PEA by 2019. Desert Star also had to issue Southern Silver 1M shares. The 2013 exploration program is expected to start within the next few months.
Disclosure: The author holds no position in Southern Silver. Please see our disclaimer for current positions.