Minera is a wholly owned subsidiary of International Millennium Mining Corp.
The option agreement was subject to First Mexican Gold having to spend a total of S$4m on the project.
Both companies have now agreed to enter into a sale of the final 20% interest in the Guadalupe property held by Minera, subject to issuance of 4 million shares and a 2% NSR to International Millennium Mining Corp with 1% purchasable for $1m.
First Mexican president and CEO Jim Voisin said that the company is pleased to have acquired a 100% property interest and confirmed the high grade potential of the Karen zone and lower grade/higher tonnage potential of the Diana zone in 2011.
"The company plans numerous sampling, drilling and IP survey data work programs for 2012 and is very pleased with these discovered zones so early in our exploration program." said Voisin.
First Mexican Gold Corp. is an active explorer for precious metals in Mexico.
