Aura Silver Resources Receives $1.3 Million After Sale of West Taviche

Aura Silver Resources Inc. (TSXV:AUU) announced that they, together with JV partner Intrepid Mines Ltd, will receive a  payout of US $1.3 million, brought about by the sale of the West Taviche concession to Fortuna Silver Mines Inc.

As quoted in the press release:

 The payout has been triggered by the completion of Pan Am’s sale of the West Taviche concession to Fortuna Silver Mines Inc. and is in accordance with the agreement between the Taviche JV and Pan Am which was completed in April 2012. The April 2012 agreement allowed Pan Am to retain a 100% ownership of West Taviche with the proviso that upon a sale of an interest greater than 70% in the property, US $2.0 million would be paid to the Taviche JV. In turn, the Taviche JV received a 100% ownership interest in the East Taviche concession where the Taviche JV has had the greatest amount of drilling success. Pan Am retains a 1.5% net smelter royalty in respect of East Taviche.

To view the whole press release, click here.