News

Acero-Martin buys remainder of Panchito Property

January 28, 2005

The TSX Venture Exchange has accepted for filing an agreement, dated Dec. 20, 2004, between the company, Canper Exploraciones S.A.C. (a subsidiary of the company), Alexander Vidaurre Otayza (of Lima, Peru) and Leonard Demelt (of Lima), pursuant to which the company has acquired from Mr. Otayza and Mr. Demelt a 50-per-cent interest to certain Peruvian mining rights known as the Panchito property.

The company, through Canper Exploraciones S.A.C., already owns the other 50-per-cent interest in the property meaning that the company now owns a 100-per-cent interest in the property.

The consideration payable by the company comprises $11,000 (U.S.) and 100,000 common shares.

There is no finder's fee payable in connection with this transaction.

There were no participating insider or pro groups. The company is at arm's length to each of the vendors.