Santacruz Silver Completes Gavilanes Property Sale to Marlin Gold

Santacruz Silver Mining (TSX.V:SCZ) (“Santacruz”) and Marlin Gold Mining (TSX.V:MLN) (“Marlin”) announce that, further to the companies’ joint press release dated August 8, 2017, the sale of Santacruz’s Gavilanes Property in Durango State, Mexico to Marlin (the “Gavilanes Transaction”) for total consideration of US$3.50 million plus applicable VAT (the “Purchase Price”) has been completed.
US$0.58 million from the Purchase Price was credited against the deposit advanced by Marlin to Santacruz on August 10, 2017 in connection with the payment of the outstanding balance owing to a property vendor on certain of the claims included in the Gavilanes Project (see Santacruz’s press release dated August 10, 2017).
In addition, US$1.15 million from the Purchase Price was applied toward settling all remaining outstanding debt owing to JMET, LLC (“JMET”) and JMET has released and discharged all of its security and registrations over Santacruz’s assets and the 3,750,000 “cashless” warrants of Santacruz previously issued to JMET have been cancelled.
Akiba Leisman, Executive Chairman and Interim CEO of Marlin said:

“We are excited to have completed the purchase of an extraordinary exploration asset in one of the world’s most prolific silver mining districts. To have bought this project at an attractive price is a testament to Marlin’s ability to grow on an accretive basis.”

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