New Pacific Metals Corp. (NUAG:TSX.V; NUPMF:OTCQX) entered into two separate agreements that advance development of its flagship Silver Sand property in Bolivia.
One contract was to acquire 100% interest in the mineral concessions adjacent to Silver Sand, on which its private owners are mining on a small scale. The company intends to acquire similarly owned properties in the area to expand its Silver Sand land package.
The other arrangement was to gain permission for Alcira to explore and develop 30 mineral concessions that abut Silver Sand to the south and west. Alcira, or Empresa Minera Alcira S.A., is a wholly owned subsidiary of New Pacific Metals and the owner of Silver Sand.
The entities that signed the memorandum of understanding (MOU) are New Pacific, Alcira and the Corporación Minera de Bolivia. "The MOU established a process for the parties to negotiate and complete definitive agreements on the mineral concessions," a press release noted.[NLINSERT]
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