Business
Silver Valley Metals Announces Sale of the Ranger-Page Project in the Silver Valley, Northern Idaho, USA
Vancouver, British Columbia--(Newsfile Corp. - July 15, 2024) - Silver Valley Metals Corp. (TSXV:...
About this update from Silver Valley Metals Corp
[{"type":"text","content":"\nSilver Valley Metals Announces Sale of the Ranger-Page Project in the Silver Valley, Northern Idaho, USAVancouver, British Columbia--(Newsfile Corp. - July 15, 2024) - Silver Valley Metals Corp. (TSXV: SILV) (OTCQB: SVMFF) (\"Silver Valley\" or the \"Company\"), a brownfield exploration Company announces it has signed an asset purchase agreement (the \"Agreement\") on July 12, 2024 with Silver Dollar Resources Incorporated (\"Silver Dollar\") whereby Silver Dollar will acquire from Silver Valley and its subsidiary, North Idaho Metals Corporation, the right, title and interest in the assets related to the \"Ranger-Page Project\" located in Shoshone County, Idaho, USA (the \"Target Assets\"), including the option rights under the Government Gulch Option and Joint Venture Agreement (the \"Government Gulch Agreement\") and the Page Mine Mineral Rights Lease and Option Agreement (the \"Page Mine Agreement\"). The disposition is an arm's length transaction.After careful consideration the board of directors weighed its options about how to move the Company forward in the most effective and least capital dilutive way. With two projects of merit and a share structure that remains in tact, the Company's decision to enter into a sale of the Ranger-Page Project to Silver Dollar was considered to be the most strategic option. The opportunity for Silver Valley to be financed without share dilution, to retain certain royalties, and to have a meaningful participation in the upside of the Ranger-Page project through its approximately 12% equity participation in Silver Dollar, represents a compelling proposal. The Company's equity position in Silver Dollar also provides it with the upside potential of Silver Dollar's flagship project in Mexico, La Joya, which has approximately 100 million near surface silver equivalent ounces (see details below) while continuing to be developed. Following the transaction, the Company will be in a good position to re-focus its efforts at the Mexi-Can lithium / sulphate of potash project in Mexico that has a large inferred resource outlined at surface with major expansion possibilities. It will also give the Company financial resources to continue to build out its project portfolio.Brandon Rook, CEO commented: \"Selling the Ranger-Page Project to Silver Dollar not only relieves the Company from having to undergo ...