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Carrizal Mining Enters Agreement For Extension of Mine Lease on Zimapan Mine; Santacruz Schedules 2019 Annual General Meeting
Vancouver, British Columbia--(Newsfile Corp. - August 12, 2019) - Santacruz Silver Mining Ltd...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Carrizal Mining Enters Agreement For Extension of Mine Lease on Zimapan Mine; Santacruz Schedules 2019 Annual General MeetingVancouver, British Columbia--(Newsfile Corp. - August 12, 2019) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (the \"Company\" or \"Santacruz\") reports that its 50% owned subsidiary company, Carrizal Mining, S.A. de C.V. (\"Carrizal\") has entered into an agreement with Minera Cedros, S.A. de C.V. (\"Minera Cedros\"), a wholly-own subsidiary of Grupo Peñoles, S.A.B. de C.V., to extend the expiry date of the current Zimapan Mine lease agreement (see press release dated July 2, 2019) from July 31, 2019 to December 31, 2019. Arturo Prestamo, Santacruz's CEO stated, \"We are pleased that Mineral Cedros has agreed to extend the current expiry date of the Zimapan Mine lease agreement as this provides Carrizal and Minera Cedros additional time to negotiate the potential acquisition of the Zimapan Mine by Carrizal from Minera Cedros.\"Pursuant to the terms of the [existing] [NTD: confirm] Zimapan Mine lease agreement, Carrizal must make monthly payments to Minera Cedros based on 4% of the net smelter receipts from the concentrates produced by the Zimapan Mine for each respective month, subject to the minimum payment each month being US$45,000 and the maximum payment being US$60,000. There is no assurance that Carrizal will be successful in completing the acquisition of the Zimapan Mine. Any transaction to acquire the Zimapan Mine will be subject to receipt of all necessary regulatory approvals, including Santacruz obtaining the approval of the TSX Venture Exchange.The Company also reports that it has scheduled its annual general meeting for October 1, 2019. In addition to dealing with routine annual approvals, shareholders will be asked to vote on approval of the Company's acquisition of the remaining 50% of the outstanding shares of PCG Mining, S.A. de C.V. (see press release dated July 2, 2019). Further details will be included in the Company's information circular to be sent to shareholders and filed on www.sedar.com.About Santacruz Silver Mining Ltd. Santacruz is a Mexican focused silver company with two producing silver projects, Veta Grande and Rosario, and two exploration properties, the Minillas property and Zacatecas properties. The Company also owns 50% of PCG Mining, S.A. de C.V, a holding company th...