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Southern Silver Completes Final Payment to Acquire 100% Interest in the Cerro Las Minitas Silver Project
Vancouver, British Columbia--(Newsfile Corp. - September 20, 2021) - Southern Silver Explorat...
About this update from Southern Silver Exploration Corp.
[{"type":"text","content":"Southern Silver Completes Final Payment to Acquire 100% Interest in the Cerro Las Minitas Silver ProjectVancouver, British Columbia--(Newsfile Corp. - September 20, 2021) - Southern Silver Exploration Corp. (TSXV: SSV) (the \"Company\" or \"Southern Silver\") purchased a 60% indirect working interest in the Cerro Las Minitas project (the \"CLM Project\") located in Durango, Mexico from Electrum Global Holdings LP (\"Electrum\") in September 2020 subject to a security pledge. The Company has now made the final payment to Electrum of US$2 million and issued 7,971,878 common shares equal to US$2 million (based on the prior 20-day VWAP) and now holds a 100% interest in the CLM Project free of such security pledge. As consideration for the acquisition, Southern Silver has paid Electrum an aggregate US$15 million in a combination of cash and common shares. Benefits to Southern Silver Shareholders:Simplifies ownership structure of the CLM Project Establishes full control over project timeline and removes perceived joint venture discountProvides 100% ownership of a premier, polymetallic deposit in Mexico with substantial resource growth potential (with a focus on targeting high grade silver targets)150% increase in attributable resources to current resource of Indicated: 134Mozs AgEq and Inferred: 138Mozs AgEq (1) Highly accretive to Southern Silver shareholdersElectrum remains a supportive cornerstone investor Southern Silver becomes a more attractive takeover target Enhances the market profile of the Company relative to its peer groupAcquiring Electrum's 60% interest provided Southern Silver with an additional 49.9 million ounces of silver and 1.35 billion pounds of combined lead and zinc to its account based on the current National Instrument 43-101 (2019) Mineral Resources estimate of the CLM Project. Additionally, Southern Silver has become more attractive on a corporate level with the Company's market profile being enhanced by having sole ownership of one of the largest and highest grade, undeveloped silver projects in the world.Since execution of the agreement in June, 2020, the Company has continued to advance and expand the CLM Project by completing a total of 56 core holes totaling 22,360 metres with drilling recommencing in September 2020. Southern Silver has now tested over 850 metres of strike length along the east side of ...