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Santacruz to Receive Monthly Fees of Approximately US$1.1 Million from Carrizal Mining Pursuant to a Services Agreement
Santacruz to Receive Monthly Fees of Approximately US$1.1 Million from Carrizal Mining Pur...
About this update from Santacruz Silver Mining Ltd.
[{"type":"text","content":"\n\n\n\nSantacruz to Receive Monthly Fees of Approximately US$1.1 Million from Carrizal Mining Pursuant to a Services Agreement\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, March 1, 2018\n\n\n\nTSX.V: SCZFSE: 1SZ\n\n\n\nVANCOUVER, March 1, 2018 /CNW/ - Santacruz Silver Mining Ltd. (TSX.V:SCZ) (the \"Company\" or \"Santacruz\") reports that the Company has entered into a services agreement (the \"Agreement\") with Carrizal Mining, S.A. de C.V. (\"Carrizal\") pursuant to which Santacruz will provide to Carrizal certain mine development, metallurgurical and geological consulting services as well as other administrative services.  The Agreement is open ended but management expects it will remain in force until at least the end of 2018.  As consideration for the services Carrizal will make monthly payments to Santacruz of approximately US$1.1 million. Santacruz intends to use the funds for working capital purposes.\n\nArturo Préstamo, CEO of Santacruz, stated \"This services agreement is an important step for the Company as it will provide working capital that will allow us to expand the Veta Grande Project into a significant silver producer, whilst increasing the Rosario Project production during the year.\"\n\nAbout Santacruz Silver Mining Ltd. \n\nSantacruz is a Mexican focused silver company with two producing silver projects (Rosario, including the Cinco Estrellas property and Membrillo Prospect, and the Veta Grande project and milling facility) and two exploration properties, including the Minillas property and Zacatecas properties. 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.\n\nAbout Carrizal Mining, S.A. de C.V.\n\nCarrizal Mining is a Mexican privately owned Company which operates the Zimapan mine in Zimapan Hidalgo Mexico. The Company operates a 3,200 tpd mill and produces approximately 5.5 million silver equivalent ounces a year. \n\n'signed'\n\nArt...