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Sierra Madre Receives Mexican Antitrust Approval For La Guitarra Acquisition
VANCOUVER, BC / ACCESSWIRE / March 21, 2023 / Sierra Madre Gold and Silver Ltd. (TSXV:SM) (" Sie...
About this update from Sierra Madre Gold & Silver Ltd.
[{"type":"text","content":"Sierra Madre Receives Mexican Antitrust Approval For La Guitarra AcquisitionVANCOUVER, BC / ACCESSWIRE / March 21, 2023 / Sierra Madre Gold and Silver Ltd. (TSXV:SM) (\"Sierra Madre\" or the \"Company\") is pleased to announce that it has received approval for the acquisition (\"Acquisition'') of the La Guitarra Silver-Gold Mine (\"La Guitarra\") from Mexico's antitrust agency, the Comisión Federal de Competencia Económica(\"COFECE\").With the receipt of this approval, closing of the Acquisition is expected to take place on March 30th, 2023, followed by trade resumption of Sierra Madre shares shortly thereafter.Alexander Langer, Sierra Madre CEO, states \"We are excited to be nearing the closing of this transformational acquisition of a fully permitted mine and mill and advance towards our goal of becoming a mid-tier precious metals producer. Upon closing of the Transaction, Sierra Madre will hold three exciting precious metal properties in Mexico - La Guitarra, Tepic and La Tigra.\"On May 25, 2022, Sierra Madre entered into a definitive agreement with First Majestic Silver Corp. (\"First Majestic\") to acquire a 100% interest in the 39,714-hectare La Guitarra Silver-Gold Mine in the Temascaltepec mining district, Mexico. Details of the Acquisition can be found here.La Guitarra is located in the southeast end of the Mexican Silver Belt, 130km SW of Mexico City. Modern production began in 1992 and was operated as a 500 t/d underground mine up until August 2018. Current infrastructure includes two underground production centres- La Guitarra and Coloso in the western half of the district - as well as a flotation mill, a permitted tailings facility, multiple work buildings and equipment and related infrastructure.About Sierra MadreSierra Madre Gold and Silver Ltd. is a mineral exploration company, currently focused on the acquisition, exploration and development of the Tepic and La Tigra Properties in Nayarit, Mexico. The Company has an experienced management team with a proven track record of wealth creation in Mexico through project discovery, advancement, and monetization. Sierra Madre's key objective is to advance exploration on the Tepic and La Tigra Properties to determine whether they contain commercially exploitable deposits of precious or base metals.On behalf of the board of directors of Sierra Madre Gold and Sil...