Cuervo Resources Inc. (CNSX:FE,FWB:CRR) closed of the first of an expected series of non-core iron resource property sales in Peru. Two parcels totaling 160 hectares in the coastal Province of Trujillo in northern Peru have been sold to Chinese interests for proceeds of US$200,000.
As quoted in the press release:
Cuervo retains an inventory of 6,600 hectares of unexplored and unrestricted claims in Peru of which 1,400 hectares are adjacent to or in nearby districts to the parcels that have been sold. Northern Peru, of which the Province of Trujillo is part, has a long history of artisanal and small scale mining for gold. This activity has extended into iron ore production in recent years owing to sharply increased Pacific Rim demand and prices.
Given strong evident demand for prospective iron resource properties in Peru, Cuervo management will seek Board authorization for the sale of wholly-owned property interests which are not strategic to its flagship Cerro Ccopane Iron Project in south central Peru.