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Santacruz Silver Extends Zimapan Mine Lease Agreement with Grupo Penoles to December 2020
Vancouver, British Columbia--(Newsfile Corp. - October 29, 2019) - Santacruz Silver Mining Ltd...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Santacruz Silver Extends Zimapan Mine Lease Agreement with Grupo Penoles to December 2020Vancouver, British Columbia--(Newsfile Corp. - October 29, 2019) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (the \"Company\" or \"Santacruz\") reports that its 100% owned subsidiary company, Carrizal Mining, S.A. de C.V. (\"Carrizal\") has agreed with Minera Cedros, S.A. de C.V. (\"Minera Cedros\"), a wholly-owned 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 December 31, 2019 to December 31, 2020.Arturo Prestamo, Santacruz's CEO stated, \"We are pleased that Minera Cedros has agreed to extend the current expiry date of the Zimapan Mine lease agreement as we expect there will be substantial benefit to the Company from operating the Zimapan Mine during this period while also providing the parties additional time to negotiate the terms of the potential acquisition of the Zimapan Mine by Carrizal.\"Pursuant to the terms of the existing 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.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 100% of Carrizal Mining S.A. de C.V. Carrizal Mining is a private Mexican mining company that holds a 20% working interest in the Company's Veta Grande Project and has the right to operate the Zimapan Mine until December 31, 2020 under a mining lease agreement.The Company is managed by a technical team of professionals with proven track records in developing, operating and discovering silver mines in Mexico. Our corporate objective is to become a mid-tier silver producer. 'signed'Art...