First Colombia Gold Corp. moved closer to gaining sole ownership of the 160-acre South Idaho Silver Project, the company said Thursday.

The company, which is reviewing historical data on the project to develop exploration plans, acquired an option on the project by an assignment in exchange for 1 million restricted shares of common stock, $50,000 in cash and a one percent smelter return from any ore produced from the property.

First Colombia said it will have exercised the option to acquire the sole interest in the South Idaho Silver Project after incurring an aggregate of $210,000 in exploration expenditures, paying the option or an aggregate of $80,000 plus five percent of any joint-venture and buyout payments and paying certain filing fees.