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Santacruz Silver Announces Agreement to Consolidate 100% Ownership of the Veta Grande and Minillas Mineral Properties
Jun. 21, 2017 08:58AM PST
Silver Investing
Santacruz Silver Mining (TSX.V:SCZ) (the “Company” or “Santacruz”) reports that it has signed an agreement (the “Option Agreement”) with certain private Mexican companies (together “Contracuña”) pursuant to which Contracuña has granted Santacruz an option to purchase a 100% interest in the Veta Grande and Minillas properties, for aggregate cash consideration of US$15,500,000. The Company currently …
Santacruz Silver Mining (TSX.V:SCZ) (the “Company” or “Santacruz”) reports that it has signed an agreement (the “Option Agreement”) with certain private Mexican companies (together “Contracuña”) pursuant to which Contracuña has granted Santacruz an option to purchase a 100% interest in the Veta Grande and Minillas properties, for aggregate cash consideration of US$15,500,000.
The Company currently operates the properties on a 60%/40% net profits interest (“NPI”) basis pursuant to an exclusive thirty-year right granted by Contracuña.
Arturo Préstamo, President and CEO of Santacruz, commented:
“The Veta Grande and Minillas properties together with our Zacatecas properties represent one of the largest and most historically important land packages within the Zacatecas mining region, and we are very pleased to have this agreement in place which gives us the opportunity to consolidate our mineral interests in the area.
This is another important step in our plan to expand our Zacatecas operations into a larger district play, and we look forward to its continued development as part of Santacruz’s transition into a mid-tier Mexican silver producer.”