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Santacruz Silver Enters Definitive Agreement to Sell Gavilanes Project to Marlin Gold for US$3.5 million
Santacruz Silver Enters Definitive Agreement to Sell Gavilanes Project to Marlin Gold for ...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"\n\n\n\nSantacruz Silver Enters Definitive Agreement to Sell Gavilanes Project to Marlin Gold for US$3.5 million\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.prngen2{\nBORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Aug. 8, 2017\n\n\n\nVANCOUVER, Aug. 8, 2017 /CNW/ - Santacruz Silver Mining Ltd. (TSX.V:SCZ) (\"Santacruz\") and Marlin Gold Mining Ltd. (TSX.V:MLN) (\"Marlin\")  are pleased to announce that they have entered into a definitive agreement (the \"Gavilanes Agreement\") pursuant to which Marlin, through its wholly-owned subsidiary, will acquire 100% of Santacruz's interest in the Gavilanes Project in Durango, Mexico (the \"Gavilanes Transaction\"), for cash consideration of US$3.5 million, plus applicable value added taxes (\"VAT\"). \n\n\n \n \n\n \nSantacruz has also agreed to settle the outstanding balance (the \"Gavilanes Outstanding Balance\") owing on certain of the claims included in the Gavilanes Project by making a cash payment of US$500,000 and issuing 1,250,000 of common shares of Santacruz to the property vendor (the \"Payment Shares\"), plus all applicable VAT.  \n\nPursuant to the terms of the Gavilanes Agreement, Marlin will advance US$580,000 to Santacruz within three business days of execution of said agreement as a refundable deposit (the \"Deposit\") to fund the cash payment portion of the Gavilanes Outstanding Balance. The amount of the Deposit will be deducted from the purchase price otherwise payable by Marlin on closing of the Gavilanes Transaction. The Transaction is expected to close in August 2017.\n\nGavilanes is a low sulphidation epithermal deposit located in the San Dimas mining district of Durango, Mexico, approximately 25 kilometers east of the San Dimas mine owned and operated by Primero Mining Corp. The current NI 43-101 resource es...