Royal Silver Mines Invests In Chile

Royal Silver Mines Inc. said Monday that it has agreed to buy a major stake in a Chilean copper mining claim.

The Spokane-based company, which last month dropped plans to acquire the Bunker Hill Mine in North Idaho, has signed an agreement with Oregon and Chilean Exploration, LTDA, to purchase a 70 percent stake in a 100-square-mile mining right in Northern Chile.

To complete the deal, Royal Silver said it must pay $200,000 to OCE during the next 24 months and invest another $200,000 in the project prior to the year 2000.

The mining rights are located 20 miles north of Rio Algom’s Cerro Colorado porphyry copper deposit, within the most prolific copper belt in the world, Royal Silver Mines said in a statement. , DataTimes