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Andean Precious Metals Acquires Producing Heap Leach Gold Mine; Expands Its Footprint into the U.S.
Acquisition of Golden Queen Mining LLC aligns with Andean's focus on diversification in the Ameri...
About this update from Andean Precious Metals Corp
[{"type":"text","content":"Andean Precious Metals Acquires Producing Heap Leach Gold Mine; Expands Its Footprint into the U.S.Acquisition of Golden Queen Mining LLC aligns with Andean's focus on diversification in the Americas, value creation and achieving mid-tier producer statusAttractive deal structure preserves Andean's strong cash position and provides the Company with the flexibility to act on future growth opportunities(All amounts are in U.S. dollars unless otherwise stated)Toronto, Ontario--(Newsfile Corp. - November 27, 2023) - Andean Precious Metals Corp. (TSXV: APM) (OTCQX: ANPMF) (\"Andean\" or the \"Company\") is pleased to announce that, late Friday November 24, 2023, through its wholly-owned subsidiary Soledad Holdings, Inc., Andean signed and closed a transaction to acquire a 100% interest in Golden Queen Mining Company, LLC (\"Golden Queen\") from Auvergne Umbrella LLC (the \"Seller\").Golden Queen operates the Soledad Mountain mine and heap leach operation located in Kern County, Southern California. (See Appendix - Figure 1 - \"Location of Soledad Mountain\".) Since its commercial start-up in mid-2016, Soledad Mountain has produced more than 340,000 ounces of gold and approximately 3.5 million ounces of silver1.\"Andean's acquisition of Golden Queen represents an important step towards achieving our vision of becoming a multi-jurisdictional mid-tier producer in the Americas,\" stated Alberto Morales, Andean's Executive Chairman and CEO. \"After an extensive review of available acquisition targets and thorough due diligence, Golden Queen stood out as a strong foundational asset that sets us up to diversify and increase annual production and move into a tier one mining jurisdiction. Furthermore, the structure of the transaction and its payment terms allow us to maintain our strong cash liquidity position and pursue other opportunities for future growth.\"Mr. Morales added, \"With recent mine infrastructure investments now complete, our focus is on developing a new mine plan to ensure Soledad Mountain is well positioned to benefit from an improved production and cost profile. Potential catalysts, including mine optimization, ore control, operational improvements, an updated NI 43-101 mineral reserve and resource estimate, and exploration opportunities, are expected to unlock further value for our shareholders.\"Transaction HighlightsEstab...