Business
Santacruz Silver Places Rosario Project on Care and Maintenance
Vancouver, British Columbia--(Newsfile Corp. - October 5, 2021) - Santacruz Silver Mining Ltd...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"Santacruz Silver Places Rosario Project on Care and MaintenanceVancouver, British Columbia--(Newsfile Corp. - October 5, 2021) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (the \"Company\" or \"Santacruz\") reports that it is suspending operations at the Rosario Project and placing it on care and maintenance. This decision was made following an extensive review by management of the Rosario project operations and strategic options available including the potential sale of the operation. Management believes that the reallocation of capital and resources to the Zimapan Mine and related satellite properties that have stronger economics is the most prudent course of action at this time. The Company will continue with permitting activities and remediation programs so that the Rosario Project is positioned for a timely restart should project economics justify such.Carlos Silva, Chief Executive Officer, commented; \"We have diligently tried to make the Rosario mine a profitable operation, but due to its narrow vein system and grade variability this is a challenging project.\" Mr. Silva continued; \"Putting the project into care and maintenance will allow us to better evaluate alternatives to maximize the return on this asset.\"About Santacruz Silver Mining Ltd.Santacruz is a Mexican focused silver company that has one producing property, the Zimapan Mine, and two exploration properties, the La Pechuga property and Santa Gorgonia prospect. 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'Arturo Préstamo Elizondo,Executive ChairmanFor further information please contact: Mars Investor RelationsTelephone: (778) 999 [email protected] PrestamoSantacruz Silver Mining Ltd.Email: [email protected]: (528) 183 785707Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Forward-looking informationCertain statements contained in this news release constitute \"forward-looking information\" as such term is used in applicable Canadian securities laws, including statements relating to the fu...