Del Toro Silver Corp. of Carson City terminated an agreement to acquire a 67.5 percent interest in the Natchez Pass gold property in Pershing County.
Instead, the company will take a 5 percent royalty interest in the property, paying 2 million shares of its stock. The stock was trading at 4 cents.
The deal that was terminated would have required payments of $4 million and 5 million shares of stock to Natchez Pass LLC, owner of the property that’s also known as the Nick mine.
Greg Painter, president of Del Toro, said placer mining is expected to begin at the property within 30 days.
