GSilver to Acquire 100% of Great Panther’s Mexican Mining Assets
VANCOUVER, British Columbia, June 29, 2022 (GLOBE NEWSWIRE) -- Guanajuato Silver Company Ltd. (the "Company" or "GSilver") (TSXV:GSVR) is pleased to announce that it has signed a binding definitive agreement with Great Panther Mining Ltd. ("Great Panther") (TSX:GPR) to acquire all of Great Panther’s Mexican assets through the purchase of Great Panther’s Mexican subsidiary, Minera Mexicana Rosario S.A. de C.V. (“MMR”), including the producing Topia mine and production facility, the San Ignacio mine, the Guanajuato Mine Complex (“GMC”) and the Cata processing plant (the “MMR Acquisition”). GSilver will henceforth refer to GMC as the Valenciana mine (“Valenciana”).
- Purchase of the Great Panther MMR Assets:
The Company has signed a binding definitive agreement with Great Panther (the "GP Agreement") to acquire 100% of the shares of Great Panthers Mexican subsidiary, MMR. - The Great Panther Mexican assets fit well into our plan to expand precious metals production in central Mexico.
- Additionally, the integration of the GSilver mining claims with the claims of Great Panther will open new exploration possibilities in the district that were not possible before this transaction.
- GSilver has also agreed to pay Great Panther up to an additional US$2.0M in contingent payments based on the following:
US$500,000 upon GSilver producing 2,500,000 ounces of silver from the purchased MMR assets.