Business
VanGold Closes El Cubo Acquisition
~ Endeavour Silver Now Our Largest Shareholder ~ VANCOUVER, BC / ACCESSWIRE / April 12,...
About this update from Guanajuato Silver Company Ltd.
[{"type":"text","content":"VanGold Closes El Cubo Acquisition~ Endeavour Silver Now Our Largest Shareholder ~VANCOUVER, BC / ACCESSWIRE / April 12, 2021 / VanGold Mining Corp (the \"Company\" or \"VanGold\") (TSXV:VGLD) is pleased to announce it has closed the acquisition of the El Cubo Mine and Mill complex (the \"El Cubo Complex\") from Endeavour Silver Corp. (\"Endeavour\") (EXK) (EDR) located 8km by road northeast of the Company's El Pinguico silver-gold project near the city of Guanajuato, Mexico.Closing the El Cubo Acquisition:On March 16, 2021 the Company signed a definitive asset purchase agreement with Endeavour (the \"Endeavour Agreement\") to acquire the El Cubo Complex, finalizing the binding letter agreement entered into between VanGold and Endeavour in mid-December 2020. VanGold and Endeavour closed the purchase and sale of the El Cubo Complex on April 9, 2021, with the execution of customary closing documents in Mexico and Canada, and with the payment to Endeavour of US$7,000,000 cash, plus applicable Mexican VAT of US$1,275,200, and the delivery to Endeavour of 21,331,058 shares of VanGold.VanGold Director Hernán Dorado said: \"Now we begin the process of re-commissioning the El Cubo mill. It remains the Company's intent to begin processing mineralised material at the mill from our El Pinguico and El Cubo operations by Q4, 2021.\"VanGold's newest advisory board member Ramon Davila said: \"With this acquisition VanGold can readily combine the El Cubo and El Pinguico assets to create Mexico's newest silver and gold producing company. The availability of mineralised material from El Pinguico's historic stockpiles and El Cubo's current resources as well as a new approach from management gives us great flexibility in deciding where to source material for the mill, and how to sequence that throughput. As a graduate of the University of Guanajuato School of Mines, it is satisfying to see both of these mines returning to operating status, becoming part of the long history of the Guanajuato mining district that has been the source of many successful mines for almost 480 years.\"El Cubo Complex:In the coming months, the Company intends to refurbish the El Cubo mill and begin processing mineralized material from both its El Pinguico and El Cubo properties (the \"Combined Project\") at the mill beginning in Q4, 2021, ramping up to a throughput of...