Guerrero Exploration to buy 100% of Coatapec gold/silver property in Mexico

Guerrero Exploration (CVE:GEX) said Tuesday it will acquire a 100 percent interest in the Coatapec gold and silver property in Mexico.
The property consists of 81,400 contiguous hectares directly bordering the northern extent of Newstrike Capital's Ana Paula discovery, which in August, returned intercepts grading 7.51 grams per tonne of gold over 230.95 metres.
The company said the new property shows similar geologic trends as Ana Paula.
The Coatapec asset, to be held under Guerrero's subsidiary, also lies within 10 kilometres of Goldcorp's (TSE:G) Los Filos gold mine, currently the largest gold mine in Mexico that produced over 335,000 ouncse of gold in 2011. The mine also has over 5.47 million proven and probable ounces.
“We are excited to have secured such a dominant and strategic land package in close proximity to some of the largest gold discoveries in Mexico," said president and CEO, David Stadnyk.
"An extensive exploration work program will commence following the final receipt of permits for the Coatapec property, which is one of the largest land packages within the highly renowned Guerrero Gold Belt.
"Guerrero is actively exploring both its Chapalota and Cerro Azul gold/copper properties and we feel that Guerrero has a strong comparative advantage at this time, with a current market cap of $3 million and only 22,000,000 shares outstanding.”
The acquisition of the Coatapec property will bring the company’s total land position in the state of Guerrero to over 110,000 hectares of prospective properties. Coatapec is also located in close proximity to Cayden Resources' Morelos Sur gold project, Industrias Peñoles' Rey de Plata sulphide deposit, and Torrex Gold's Morelos project.
The Guerrero Gold Belt is located in the State of Guerrero, Mexico, north of Acapulco City, and the area is becoming one of the most prolific gold producing regions in the world, said the company. The belt, which has an inventory of over 15 million ounces of gold, extends for at least 55 kilometres from the southeast to the northwest and remains open to exploration in all directions.
Guerrero Exploration is a Canadian exploration mining company with a focus on Mexican copper, gold and silver mining properties.