Yellowcake Mining and AuEx Ventures have signed a letter of intent for an exploration earn-in agreement for the Trinity Silver project in the US state of Nevada.

The Trinity Silver property comprises 5,040 acres of fee land, out of a total acreage of 5,800, and 59 unpatented mining claims.

As soon as the agreement is implemented, Yellowcake can purchase an undivided 70% stake in the Trinity Silver project for a six-year time period for cash payments totalling $500,000 and a minimum of 5,000,000 spent on exploration costs by mid-2014.

Yellowcake will act as the operator of the joint venture and will prepare the NI 43-101 technical report.

Yellowcake’s president William Tafuri said that the property presents an opportunity to explore and develop a strong silver mineralised system.

“Opportunities of this nature are few and far between and Trinity is a natural fit with Yellowcake’s long-term strategic objective of moving into precious metals and developing a strong pipeline of projects in our focus area of the Western United States,” Tafuri said.