Santacruz Finalizes El Gachi Property Sale to First Majestic

Santacruz Silver Mining Ltd. (TSX.V:SCZ) (“Santacruz” or the “Company”) announces that the sale of its interest in the El Gachi Property in Sonora State, Mexico to First Majestic Silver Corp. (“First Majestic”) for total consideration of US$2.5 million plus applicable VAT (see press release dated February 24, 2017) has been completed.
As quoted in the press release:

“The finalization of this deal with First Majestic on El Gachi and our preceding San Felipe deal with Americas Silver are the culmination of management’s strategic initiative to divest non-core assets from our mineral property portfolio and focus on our producing assets, those being the Rosario Project and the Veta Grande Project respectively,” stated Arturo Préstamo, President and CEO of Santacruz.  “With an improved balance sheet and no further property payments to MHM we are now better able to maximize the return on capital from our silver production.”

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Source: www.santacruzsilver.com