Operator
Good morning, ladies and gentlemen, and welcome to the Fortuna Silver Mines fourth-quarter and full-year 2020 financial and operational results. At this time, all participants have been placed on a listen-only mode, and we will open the floor for your questions and comments after the presentation. It is now my pleasure to turn the call over to your host, Carlos Baca. Sir, the floor is yours.
Carlos Baca
Investor Relations Manager
Thank you, Matthew. Good morning, ladies and gentlemen. I would like to welcome you to Fortuna Silver Mines and to our financial and operations results call for the fourth quarter and full year 2020. Today, we will be using a webcast presentation which will be controlled by us.
Minaurum Gold Inc.: Minaurum Announces Option with Fortuna Silver
Vancouver, British Columbia (Newsfile Corp. - January 7, 2021) - Minaurum Gold Inc. (TSXV: MGG) (OTCQX: MMRGF) ( Minaurum ) is pleased to announce that Minaurum and its wholly-owned subsidiary Minera Minaurum Gold, S.A. de C.V ( MGG ), along with Fortuna Silver Mines Inc. (NYSE: FSM) ( Fortuna ) and Fortuna s wholly-owned subsidiary Compania Minera Cuzcatlan S.A. de C.V. ( CMC ), have entered into an option agreement, pursuant to which CMC can earn up to an 80% interest in MGG s Taviche silver project in Oaxaca, Mexico ( Taviche ).
Under the terms of the option agreement, CMC can initially earn a 60% interest (the Initial Interest ) in the project by making cash payments totaling US$450,000 and incurring US$4M in work expenditures over three years. Upon earning the Initial Interest, Fortuna can then earn an additional 20% interest for a total 80% interest in the project by funding Minaurum s acquisition by way