FERNDALE, Wash., June 15, 2011 /PRNewswire/ -- Brookmount
Explorations, Inc., WWW.BROOKMOUNT.COM, (BMXI.PK and B6T
Frankfurt), is pleased to announce
it has entered into an Option-Joint Venture Agreement with Pana –
Minerales S.A. to develop its Mercedes 100 Project.
Under the terms of the agreement Pana – Minerales S.A. will
spend US $3 million on project
development to earn a 50% interest in the project over a 2-year
period. Upon the full earn in, the 50-50 Joint Venture agreement
shall supersede.
The project expenditures timeline will be $750,000 before April
2012 and an additional $1.25
MM before Nov. 2012 with the
additional $1MM to be spent by April
2013. Project expenditures can be accelerated if so
warranted.
With sufficient funds to be released immediately by Pana –
Minerales, Brookmount will begin to pay current term fees for
concessions and begin the process of permitting, community surface
rights agreements and preparation, with the expectation to begin
the 1st stage exploration program by Aug.
2011.
Work to date on the project has indicated the presence of/and
significant potential of the project to produce gold, silver, zinc
and lead. Brookmount expects further exploration work on the
property will prove up the property's excellent potential to host
much larger mineral resources.
Brookmount's keystone Mercedes 100 project is located in a
prolific mining region that hosts some of the largest mining
operations in Peru, such as
Volcan's Cerro de Pasco and Doe
Run's huge smelter and mining operations at La Oroya, plus numerous other large deposits
and mining operations.
Contact: Peter Flueck,
peter.flueck@brookmount.com or 206.497.2138
Safe Harbor: This news release may include forward-looking
statements within the meaning of Section 27A of the United States
Securities Act of 1933, as amended, and Section 21E of the United
States Securities and Exchange Act of 1934, as amended with respect
to achieving corporate objectives, developing additional project
interests, the Company's analysis of opportunities in the
acquisition and development of various project interests and
certain other matters. These statements are made under the 'safe
harbor' provisions of the United States Private Securities
Litigation Reform Act of 1995 and involve risks and uncertainties
which could cause actual results to differ materially from those in
the forward-looking statements.
SOURCE Brookmount Explorations, Inc.