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Golden Tag Announces Closing of Acquisition of the La Parrilla Silver Mine Complex and Exchange of Subscription Receipts into Common Shares and Warrants
Toronto, Ontario--(Newsfile Corp. - August 14, 2023) - Golden Tag Resources Ltd. (TSXV: GOG) (OTC...
About this update from Silver Storm Mining Ltd.
[{"type":"text","content":"Golden Tag Announces Closing of Acquisition of the La Parrilla Silver Mine Complex and Exchange of Subscription Receipts into Common Shares and WarrantsToronto, Ontario--(Newsfile Corp. - August 14, 2023) - Golden Tag Resources Ltd. (TSXV: GOG) (OTCQB: GTAGF) (FSE: GTD) (\"Golden Tag\" or the \"Company\") is pleased to announce that, pursuant to the asset purchase agreement dated December 7, 2022, as amended on May 29, 2023 and August 14, 2023 (the \"Asset Purchase Agreement\"), among the Company, First Majestic Silver Corp. (\"First Majestic\") and First Majestic Plata, S.A. de C.V. (\"FMP\"), the Company has completed the acquisition of a 100% interest in the La Parrilla Silver Mine Complex (\"La Parrilla\") located in San Jose de la Parrilla, Durango, Mexico (the \"Transaction\"), as described in the Company's news releases dated December 7, 2022, April 14, 2023, May 30, 2023, and July 19, 2023.Greg McKenzie, President & CEO of Golden Tag, said, \"Today is an exciting day for Golden Tag as we acquire the past producing La Parrilla Silver Mine Complex. We now have two very high-quality silver projects located in close proximity to each other within Durango State. The La Parrilla processing plant has the capability to support both projects. We would like to welcome our new team members in Mexico, and First Majestic as our newest and largest shareholder.\"Highlights:La Parrilla is a fully permitted former producing mine complex consisting of five underground high-grade silver mines, and an open pitDemonstrated history of replacing resources - operated continuously from 2004 until September 2019 when it was placed on care and maintenance due to low silver, zinc and lead pricesUnder First Majestic ownership the mill produced 34.3 million (\"M\") ounces1 (\"oz\") of silver equivalent (\"Ag.Eq\"), with average annual production of approximately 2.96 Moz of Ag.Eq1, 2 Excellent infrastructure inclusive of a 2,000 tonne per day (\"tpd\") processing facility (1,000 tpd flotation and 1,000 tpd cyanidation circuits), dry stack filter plant with approximately 9 years3 of tailings capacity available, numerous buildings including a doré refinery, and a partial underground mining fleet4 Indicated Mineral Resources are estimated at 5.19 Moz Ag.Eq and Inferred Mineral Resources are estimated at 10.33 Moz Ag.Eq5Located only 45 minutes f...