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Santacruz Silver Announces Agreement to Assign San Felipe Project to Americas Silver Corporation
Mar. 03, 2017 08:40AM PST
Precious Metals
Santacruz Silver Mining (TSXV:SCZ) (“Santacruz”) reports that its wholly-owned subsidiary, Impulsora Minera Santacruz, S.A. de C.V. (together with Santacruz “the Company”), has entered into an agreement (the “Agreement”) with Americas Silver Corporation (“Americas Silver”) to assign 100% of its interest in the San Felipe Project located in Sonora, Mexico to Americas Silver for US$7 million …
Santacruz Silver Mining (TSXV:SCZ) (“Santacruz”) reports that its wholly-owned subsidiary, Impulsora Minera Santacruz, S.A. de C.V. (together with Santacruz “the Company”), has entered into an agreement (the “Agreement”) with Americas Silver Corporation (“Americas Silver”) to assign 100% of its interest in the San Felipe Project located in Sonora, Mexico to Americas Silver for US$7 million plus VAT paid on execution of the Agreement, comprised of US$5.0 million plus VAT to the Company and US$2.0 million plus VAT to Minera Hochschild Mexico, S.A. de C.V., the underlying property vendor. These amounts were paid on March 2, 2017.
As quoted in the press release:
“We are pleased to have executed on our two-fold plan to divest these non-core assets and to improve our balance sheet through the elimination of the principal amount outstanding on our JMET Note. Santacruz is first and foremost a silver producer, and we look forward to increasing production at our Veta Grande and Rosario operations,” stated Arturo Prestamo, President and CEO.
