Sierra Madre Signs Drilling Contract for Penoles Project, Mexico
Management of Sierra Madre Developments Inc. is pleased to announce that the Company’s wholly owned Mexican subsidiary Minera Sierra Madre Exploraciones SA de CV, has signed a contract with Procesadora de Minerales de Durango SA de CV to complete a minimum of 2,500 meters of core drilling at the Company’s Penoles Project in the Durango Silver Belt, Mexico. The Project hosts a partially defined oxide gold prospect (El Capitan), two historic silver mines (Jesus Maria and San Rafael) and multiple early stage targets in a land package that covers more than half of the historic “Penoles Mining District”. Sierra Madre has an option to earn up to a 65% interest from Riverside Resources Inc. by incurring exploration expenditures and making cash and share payments to Riverside and the underlying property owners.
