Mexoro Minerals Repays $1 Million of Its Paramount Gold and Silver Debt
Mexoro Minerals announce that it has repaid two of its secured convertible debentures to Paramount Gold and Silver Corp. in the amount of $1,000,000. A third debenture has been renegotiated in the amount of $521,047 of which $393,547 is due on March 31, 2009 and the balance is due on April 30, 2009. In making the $1 million payment, Paramount has released its security on the Cieneguita properties allowing Mexoro to initiate production. As part of the transaction, Mexoro has also issued to Paramount Gold and Silver Corp 150,000 restricted common shares.
Barry Quiroz, President of Mexoro, states, “Paramount releasing the Cieneguita property as security for the debentures is a key element for our joint venture agreement with Minera Rio Tinto. We anticipate the Minera Rio Tinto will now move more aggressively to put the property into production and initiate the feasibility study as part of our $9 million project financing agreement we have with them. We would anticipate setting up the new joint venture company immediately so that MRT can fulfill its contractual obligations.”
