Silver Sun said that the key asset of the Cherry Hill Mining project is the past producing Cherry Hill mine.
The project is fully permitted and consists of a high-grade underground quartz lode mine that is located on a claim block consisting of six unpatented mining claims and one mill site claim that includes a 750-ton-per-month gravity circuit mill with all machinery and equipment.
In consideration of the acquisition of a 51% interest in the project, the company agreed to pay $555,000 to Cherry Hill.
The closing of the transaction, on or before 15 April 2011, is subject to a number of conditions including the satisfactory completion of the firms’ due diligence investigations; and obtaining all applicable regulatory and corporate approvals and consents.
