Hispania Resources Inc., a mineral exploration company focused on Spain, announced that it has completed on November 10th the acquisition of the Otero Property, after a period of negotiation and execution with the vendor. The acquisition of the Otero Concession located in Castille y Leon, Spain.
The Property is officially known as: “C.E. SEGOVIANA OESTE”and consists of 5 km2 (500 Hectares) made up of 16 mining claims. The property has a mining history dating back to Roman times with many features consisting of mineral operating work sites and drill evidences readily available.
Hispania acquired the Otero property through the liquidation of Siemcalsa, a former mineral enterprise owned by the administration of Castille y Leon. Hispania was able to proceed quickly and won the bid for Otero at a price of just under 1,000,000 Canadian Dollars.
“We are extremely happy to have acquired a property of the quality of Otero. I personally have known about the property for some time, and was pleased to know that Siemcalsa was open to receiving offers on it late last year,” commented Norm Brewster, CEO of Hispania.
Hispania completed diligence and negotiations over the past 9 months and has now acquired the property formally. “The Otero property has the capability to be an incredible opportunity, as evidenced by its history, dating back to the Roman periods. We look forward to working on this copper, zinc, silver rich property and working with our local stakeholders in Spain who are supportive of our acquisition,” commented Mr. Brewster.
Source: Street Insider