Bay Silver Property Optioned To Auramex Resources
The option to acquire a 100% interest in the Bay Silver property involves an initial payment of $10,000 and the issuance of 100,000 shares upon Exchange acceptance, to be divided equally between Teuton and Silver Grail. To complete the option, payments aggregating a further $110,000 and 400,000 shares are required over the next four years, again to be divided equally. The vendors will retain a 2% NSR, one half of which can be bought down for $1 million, with a minimum advance annual royalty of $50,000 to begin after 7 years.
High-grade silver-bearing veins located in the southern portion of the Bay Silver property were mined on a limited basis beginning in 1928. Mining at that time was hampered by the difficulty of transporting ore from the mine at 900 meters elevation down to sea level in the Bear Valley. Other high-grade silver occurrences have been documented on other parts the Bay Silver property.
"Dino Cremonese, P.Eng."
President, Silver Grail Resources Ltd.
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