Mining Company Renegotiates Purchase of Langtry Property
By Matt Wrye
International Silver Inc. (OTCBB: ISLV) – a Tucson, Ariz.-based exploration and mine development company – has announced that its escrow on the Langtry property in the Calico Mining District near Barstow is being extended for three months, and that it renegotiate the purchase terms.
The terms previously pegged payment at $8 million, with 100 percent undivided interest.
But now, International Silver will pay $2 million by Dec. 5, and the remaining $6 million will be financed and payed over a 15-year period.
Langtry comprises about 400 acres, and it’s estimated to have 72 million ounces of silver and almost 3 million tons of barite.
The company also wants to start drilling by year’s end on the Laviathan Property, a 1,300-acre piece of land owned by the Bureau of Land Management and also located in the Calico Mining District.
The company estimates there’s about 1 million tons of barite- silver ore entrenched throughout 60 mining claims on Laviathan. Barite is a heavy material used in manufacturing oil drills.
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