Endeavour Silver to Acquire Lincoln Mining’s La Bufa Property

Endeavour Silver Corp. (TSX:EDR,NYSE:EXK) announced that it has entered into an agreement with Lincoln Mining Corp. (TSXV:LMG) to buy the La Bufa exploration property. It’s located next to Endeavour’s existing exploration properties in Mexico’s Guadalupe y Calvo gold-silver district.

As quoted in the press release:

Endeavour will issue 90,000 common shares in consideration for the purchase on or before September 19, 2014, less that number of shares equal to an amount of US$19,000 plus 5% interest advanced by Endeavour to Lincoln on July 29, 2014. The agreement is subject to a due diligence period ending September 12, 2014 and the common shares of Endeavour will be subject to a four-month hold period from date of issue. The property is subject to a 2% net smelter return royalty on mineral production payable to a subsidiary of Almaden Minerals Ltd.

The La Bufa property covers 2,311 hectares over a nine kilometre length along the northwest trending El Rosario vein system which produced approximately 2 million ounces (oz) gold and 28 million oz silver according to Mexican government records. La Bufa surrounds the El Rosario historic mine owned by Endeavour and is in turn surrounded by additional Endeavour properties totalling 54,872 hectares.

Terry Chandler, vice president of corporate development at La Bufa, commented:

The acquisition of the La Bufa property completes Endeavour’s consolidation of historic mining properties within the prospective Guadalupe y Calvo gold-silver district. We can now turn our focus in 2015 to more advanced exploration of this prospective, high grade, gold-silver vein district in order to expand the resources.

Click here to read the full Endeavour Silver Corp. (TSX:EDR,NYSE:EXK) press release.