Canadian metals company,Roca,announced at the end of last month that it hopes
to acquire up to a 70% interest in a gold and silver mine near Puerto Vallarta
The Nuevo Milenio mine project and associated Puerto Vallarta
real estate is currently owned by Cream Minerals Ltd,another Canadian company
which also has interests in Sierra Leone,Africa.
Roca says taking the
majority share in the project will allow revenue growth,broaden exposure to
alternative mining-friendly jurisdictions and diversify metals production that
could provide a natural hedge to the global economic and financial conditions.
The Nuevo Milenio project encompasses 6,326 acres (2,560 Ha) and is
located 17 miles (27 km) by road from Tepic,the capital city of Nayarit State,
Mexico. Tepic is an important commercial centre with a population of over
300,000 people located 93 miles (150 km) northeast of Puerto Vallarta
Although it is unlikely to affect the Canadian mine deal,houses
and land have seen solid gains recently in Puerto Vallarta real estate.