Mexoro Minerals Enters Into Negotiations for Project Financing
Mexoro Minerals Ltd. is pleased to announce that it has entered into negotiations for project financing with Minera Rio Tinto, a private well funded Mexican corporation with existing mining operations in Mexico. The financing is to be used to initiate production at Mexoro’s Cieneguita project as well as to complete a feasibility study on the property. Mario Ayub, President of Minera Rio Tinto has resigned his position as an officer and director of Mexoro Minerals to ensure that there is no conflict of interest. Mexoro has appointed Juan Manuel Flores Carrillo, MSc to replace Mr. Ayub on the board of directors. Mr. Flores is currently the general manager for Mexican operations for Constellation Copper Corporation. His experience in the mining industry over the past 30 years includes general management, mining operation management, feasibility studies, metallurgy, geology, design, engineering, planning, cost control, accounting, finance, quality control, environmental, supervision and project management during construction and his joining of board will bring a wealth of experience to the company. Barry Quiroz, Mexoro’s VP Exploration has been appointed as President of the Company. Mr. Quiroz is formerly with BHP-Billiton (17 years) spending the last 2 years with BHP managing their East Asia exploration programs. Mr. Quiroz and the exploration team that he has assembled are responsible for the major discovery that Mexoro has made at its Cieneguita project.
Mr. Ayub states, “MRT has entered into negotiations for the project financing with Mexoro because we believe in the tremendous opportunity of the Cieneguita project. With the help of MRT, the project can be put into production in the first quarter of 2009, generating significant positive cash flow and allowing Mexoro to continue with its exploration plan.”
Mexoro Minerals Ltd. is an exploration company focused on exploring for precious metals in the traditionally mineral rich Sierra Madre region of Chihuahua, Mexico which controls three historical gold-silver mines for which additional exploration has confirmed significant mineral potential. Dana C. Durgin, M. Sc. Economic Geology has recently calculated an inferred mineralization of 14.86 million tons @ 2.12 g/t gold equivalent on the Cieneguita property. The Company also has claims on additional properties, in the state of Chihuahua.
