Tonogold Resources, Inc. announced that it has entered into a binding agreement with a private Mexican company, which provides Tonogold an exclusive right, but not obligation, to acquire 100% interest in the Claudia, Promontorio and Montoros gold/silver properties located in Durango, Mexico for total consideration of $7.3 million in cash. Tonogold has paid $100,000 for an initial 6-month option, which can be extended by 3 additional months at Tonogold's election for a further payment of $1 million prior to the expiry of the initial option period. Both amounts form part of the $7.3 million purchase price in the event the option is exercised.