December 2, 2010 / 4:50 PM / 8 years ago

UPDATE 1-Silver Sun to buy mineral property in Mexico, shrs jump

* To buy Yoreme mineral claim from Maggiore Capital Ltd

* Deal valued at about C$391,500 including finders’ fee

* Silver Sun shares jump as much as 59 pct

Dec 2 (Reuters) - Canadian metal explorer Silver Sun Resource Corp SSU.V agreed to buy a mineral property in Mexico from Maggiore Capital Ltd in an all-stock deal, sending Silver Sun’s shares up as much as 59 percent to an all-time high.

According to the agreement, Silver Sun, which is focused on acquisition and exploration of precious metal deposits in Mexico, will pay 2.5 million shares to Maggiore Capital and 200,000 shares as finders’ fee.

Including the fee, the deal is valued at about C$391,500 based on Silver Sun’s Wednesday close. The 400 hectares Yoreme mineral claim covers the San Manuel silver/lead/zinc vein, which has been traced for 500 metres. The vein is the southwestern most structure in the Alamos Mining district - one of the oldest mining districts in Sonora, Mexico.

The Vancouver, British Columbia-based Silver Sun’s shares, which have more than doubled in value in the past month, were trading up 38 percent at 20 Canadian cents on Thursday on the Toronto Venture Exchange.

They touched a high of 23 Canadian cents earlier in the session. (Reporting by Arnika Thakur in Bangalore; Editing by Roshni Menon)

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