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Sierra Madre Signs Formal Surface Agreements with Local Ejidos, Grants Incentive Options

April 26, 2021 at 09:00 AM EDT

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

VANCOUVER, BC / ACCESSWIRE / April 26, 2021 / Sierra Madre Gold and Silver Ltd. ("Sierra Madre" or the "Company") (TSXV:SM) is pleased to announce that it has entered into formal surface rights agreements with the El Pantanal, El Refugio, and Trigomil Ejidos that allow the company to conduct exploration activities, including drilling, on Ejido lands. The land owned by these Ejidos cover all the exploration targets identified by the company to date.

The agreements call for yearly payments of MP$100,000 to each Ejido with the first payments having been made. All parties have agreed to negotiate a comprehensive agreement allowing both exploration and exploitation activities.

Sierra Madre also announces that, pursuant to its Stock Option Plan, it has granted stock options to certain directors, management and consultants to purchase an aggregate of 4,600,000 common shares of the Company at the price of $0.74 per share for a period of 5 years from the grant date. The options will vest 1/3 immediately as of the date of grant; 1/3 six months after the date of the grant; and 1/3 twelve months after the date of the grant. The Company also announces that it has granted stock options to certain consultants to purchase an aggregate of 385,000 common shares of the company at the price of $0.74 per share for a period of 2 years from the grant date. The options will vest 1/3 immediately as of the date of grant; 1/3 six months after the date of the grant; and 1/3 twelve months after the date of the grant. This stock option grant is subject to acceptance by the TSX Venture Exchange.

About the Company

Sierra Madre Gold and Silver Ltd. is a mineral exploration company, currently focused on the acquisition, exploration and development of the Tepic Property in Nayarit, Mexico. The Company has an experienced management team with a proven track record of wealth creation in Mexico through project discovery, advancement and monetization. Sierra Madre's key objective is to advance exploration on the Tepic Property to determine whether it contains commercially exploitable deposits of precious or base metals.

On behalf of the board of directors of Sierra Madre Gold and Silver Ltd.,

"Alexander Langer"

Alexander Langer
President, Chief Executive Officer and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE: Sierra Madre Gold and Silver

View source version on accesswire.com:
https://www.accesswire.com/642139/Sierra-Madre-Signs-Formal-Surface-Agreements-with-Local-Ejidos-Grants-Incentive-Options