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Santacruz Silver Amends Terms of Option Agreement on the Veta Grande Project and Enters Option Agreement for its Zacatecas Mineral Assets with Carrizal Mining
Santacruz Silver Amends Terms of Option Agreement on the Veta Grande Project and Enters Op...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"\n\n\n\nSantacruz Silver Amends Terms of Option Agreement on the Veta Grande Project and Enters Option Agreement for its Zacatecas Mineral Assets with Carrizal Mining\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Dec. 14, 2017\n\n\n\nTSX.V: SCZFSE: 1SZ\n\n\n\nVANCOUVER, Dec. 14, 2017 /CNW/ - Santacruz Silver Mining Ltd. (TSX.V:SCZ) (the \"Company\" or \"Santacruz\") announces that it has reached agreement with the Contracuña group of companies (\"Contracuña\")  to amend the terms of the Option Agreement (see press release dated June 21, 2017) to acquire 100% ownership of the Veta Grande Project, including the Veta Grande mine and milling facility as well as the Minillas property located in Zacatecas, Mexico.\n\nDetails of the payment schedule per the amended Option Agreement are as follows:1. US$500,000 paid on December 13, 2017;2. US$500,000 on or before December 13, 2018; 3. US$2,500,000 on or before December 13, 2019;4. US$2,500,000 on or before December 13, 2020; 5. US$5,000,000 on or before December 13, 2021; and6. US$4,500,000 on or before December 13, 2022;\n\nIn addition the Company has granted to Contracuña a 1% net smelter royalty (\"NSR\") that commences December 14, 2022. The Company has the right to acquire the NSR at any time by paying Contracuña US$1,500,000.\n\nZacatecas Mineral Assets Option Agreement\n\nIn addition,  the Comp any advises that it has concurrently entered into a binding letter of intent (the \"LOI\") with Carrizal Mining, S.A. de C.V. (\"Carrizal\"), a private Mexican silver producing Company, pursuant to which Carrizal will acquire a 20% working interest in the Veta Grande Project, as well as the Zacatecas Properties under option by Santacruz from Golden Minerals Company (see press release dated May 4, 2016) (collectively the \"Zacatecas Mineral Assets\").  Carrizal may earn its 20% working interest by funding 100% of the cost to increase the capacity of the Veta Grande milling facility to 750 tpd (expected to be by the end of Q1 2018), as well as providing a surface...