Business
Santacruz Silver Announces Agreement to Consolidate 100% Ownership of the Veta Grande and Minillas Mineral Properties
Santacruz Silver Announces Agreement to Consolidate 100% Ownership of the Veta Grande and ...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"\n\n\n\nSantacruz Silver Announces Agreement to Consolidate 100% Ownership of the Veta Grande and Minillas Mineral Properties\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, June 21, 2017\n\n\n\n\n \n \n\nTSX.V: SCZ FSE: 1SZ \n\n \n \n\n \n \n\nVANCOUVER, June 21, 2017 /CNW/ - Santacruz Silver Mining Ltd. (TSX.V:SCZ) (the \"Company\" or \"Santacruz\") reports that it has signed an agreement (the \"Option Agreement\") with certain private Mexican companies (together \"Contracuña\") pursuant to which Contracuña has granted Santacruz an option to purchase a 100% interest in the Veta Grande and Minillas properties, for aggregate cash consideration of US$15,500,000. The Company currently operates the properties on a 60%/40% net profits interest (\"NPI\") basis pursuant to an exclusive thirty-year right granted by Contracuña (see news release dated November 2, 2015).\n\n \n\n\n\n \n \n\n \n\"The Veta Grande and Minillas properties together with our Zacatecas properties represent one of the largest and most historically important land packages within the Zacatecas mining region, and we are very pleased to have this agreement in place which gives us the opportunity to consolidate our mineral interests in the area.\" stated Arturo Préstamo, President and CEO of Santacruz.  \"This is another important step in our plan to expand our Zacatecas operations into a larger district play, and we look forward to its continued development as part of Santacruz's transition into a mid-tier Mexican silver producer.\"\n\nDetails of the payment schedule per the Option Agreement are as follows:\n\n\nStarting on the Initial Payment Date, the Company will be entitled to 100% of the cash flows generated from mining operations conducted on the Veta Grande and Minillas properties.  In the event that the Option agreement is terminated, the 40% NPI will revert to Contracu\nña from the date of termination. \n\n\nUS$2,500,000 on or before December 14, 2017 (payment date denoted as the \"Initial Payment Date\"); \nUS$2,500,000 on the 12 month...