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Endeavour Silver completes acquisition of Parral properties from Silver Standard

Tuesday, November 1, 2016 8:09
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(Before It's News)

Endeavour Silver Corp. (NYSE:EXK, TSE:EDR) shares rose on Tuesday after the company said it closed the acquisition of Parral properties from Silver Standard Resources Inc. (NASDAQ:SSRI).

The Parral properties are located in the historic silver mining district of Hidalgo de Parral in southern Chihuahua state, Mexico.

The properties cover 3,432 hectares, are accessible by paved highway, and contain large veins traceable for eight km. Read more. 

Under the terms of the agreement, Endeavour has issued 1,198,083 common shares to Silver Standard, and has agreed to spend $2mln on exploration over the two-year period following the closing date.

On completing this exploration expenditure, Endeavour will have one year to deliver a National Instrument 43-101 (“NI 43-101″) technical report, including a resource estimate, and issue an additional $200,000 in common shares to Silver Standard for each one million ounces of silver delineated in measured and indicated resources on the San Patricio and La Palmilla properties, based on the 10-day average closing price of Endeavour’s common shares on the NYSE prior to the earlier of delivery of the NI 43-101 report and the third anniversary of the initial closing date under the Agreement.

Endeavour Silver Corp. is a mid-tier precious metals mining company with three high-grade, underground, silver-gold mines in Mexico. Since start-up in 2004, Endeavour has grown its mining operations organically to produce 11.4 million ounces of silver equivalents in 2015.

Endeavour Silver shares were up 3.5% at $4.56 on Tuesday. Silver Standard shares were 3.7% higher at $11.37.

Story by ProactiveInvestors

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