Canada-based SSR Mining has signed an agreement with Endeavour Silver to sell its Pitarrilla project for a total consideration of CAD 127 million. Located in the State of Durango, Mexico, Pitarrilla is silver, lead, and zinc project. The consideration includes CAD 35 million in cash, CAD 35 million in Endeavour Silver shares and a 1.25% net smelter return royalty on the Pitarrilla property currently estimated to be worth up to CAD 57 million. Endeavour Silver has also agreed to spend a minimum of USD 10 million in exploration expenditures on the Pitarrilla project over a five-year period, upon completion of the transaction. SSR Mining will own nearly 5% of the outstanding shares of Endeavour Silver.The completion of the transaction is subject to TSX and NYSE regulatory approvals and the approval of the Mexican Federal Economic Competition Commission. It is expected to be closed in the first half of 2022.Endeavour Silver is a precious metals mining firm that operates two high-grade, underground, silver-gold mines in Mexico. Currently, it is advancing the Terronera mine project towards a development decision. The company is also exploring its portfolio of exploration and development projects in Mexico, Chile and the US.
Canada-based SSR Mining has signed an agreement with Endeavour Silver to sell its Pitarrilla project for a total consideration of CAD 127 million. Located in the State of Durango, Mexico, Pitarrilla is silver, lead, and zinc project. The consideration includes CAD 35 million in cash, CAD 35 million in Endeavour Silver shares and a 1.25% net smelter return royalty on the Pitarrilla property currently estimated to be worth up to CAD 57 million. Endeavour Silver has also agreed to spend a minimum of USD 10 million in exploration expenditures on the Pitarrilla project over a five-year period, upon completion of the transaction. SSR Mining will own nearly 5% of the outstanding shares of Endeavour Silver.The completion of the transaction is subject to TSX and NYSE regulatory approvals and the approval of the Mexican Federal Economic Competition Commission. It is expected to be closed in the first half of 2022.Endeavour Silver is a precious metals mining firm that operates two high-grade, underground, silver-gold mines in Mexico. Currently, it is advancing the Terronera mine project towards a development decision. The company is also exploring its portfolio of exploration and development projects in Mexico, Chile and the US.
