Golden Arrow Resources Corp (CVE:GRG) on Friday said that as an 18-month deadline for a merger agreement with Silver Standard Resources (NASDAQ:SSRI) expires at the end of the month, the option remained open.
Silver Standard shares were 2.5% higher at $10.49 on Friday, while Golden Arrow’s advanced by 6.4% to C$0.67.
The option dates back to October 2015 and will expire on March 30.
“The option agreement with Silver Standard Resources for the combination of Golden Arrow’s Chinchillas project with Silver Standard’s Pirquitas mine is still in progress. We await Silver Standard’s decision,” said Golden Arrow’s executive chairman, president and chief executive officer, Joseph Grosso.
“We are appreciative for the professional and transparent technical co-operation between Silver Standard and Golden Arrow, which has allowed the advancement of our Chinchillas deposit to this advanced mine planning and prefeasibility stage. Golden Arrow is committed to the business combination agreement and we look forward to fully achieving a final resolve by March 30.”
He added that “The Grosso Group has had a successful track record in Argentina since 1993. We believe that Argentina, where mining is still relatively new, is becoming a better place for mining companies. We have worked hard and diligently to establish the mutual trust and co-operation with the provinces in which we operate as well as any affected mining communities. We plan to continue bringing our experience, technology and capital and deploy these resources within the 2.78 million square kilometres of Argentina.
Story by ProactiveInvestors