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NEW YORK (Scrap Monster): South American Gold Corp (SAGD) has signed a binding memorandum of understanding (MOU) to purchase the Baltimore silver mine in western Montana, US.

Located on private land in Jefferson County, the Baltimore mine is a former producing silver mine situated at an elevation of approximately 5,800ft above sea level.

The historical information about the mine indicates that recorded production was 18,148 tons of ore yielding 1,734oz of gold, and 275,489oz of silver.

SAGD said it is reviewing the historical data to prepare an exploration plan and preliminary assessment that will include reviewing the infrastructure to determine cost for rehabilitation, access to underground workings and best target areas for drilling to determine future production potential.

The terms of MOU with a private corporation to lease with option to purchase the property include, an annual lease fee of $10,000 to $20,000, all production subject to a 3% net smelter return, and a ten-year lease term with an extension of 15 years upon payment of an additional one $100,000.

SAGD is an exploration mining firm focused on the discovery, acquisition, exploration and development of gold and silver deposits in North and South America.