Great Panther Mining Limited (TSX: GPR) (NYSE-A:GPL) announces that it has signed a non-binding Letter of Intent with Newrange Gold Corp. to sell 100% of the Company’s Peruvian subsidiaries, Great Panther Silver Peru S.A.C. and Great Panther Coricancha S.A.C., which hold the Coricancha Mine in Peru, for a total purchase price of US$750,000 payable in cash.
Coricancha, located in the central Andes of Peru approximately 90 kilometres east of Lima, is a past producing mine with an extensive land package in the prolific Central Polymetallic Belt in Peru. The project is currently in care and maintenance and includes an operational 600 tonne per day mill, an underground mine and supporting infrastructure.
Completion of the Transaction is subject to certain conditions including, but not limited to, the completion of definitive documentation, completion of financing by Newrange and receipt by the Company and Newrange of all necessary third-party consents and approvals, including the approval of the Company’s proposal trustee, the court in the Company’s proposal proceedings and, in the case of Newrange, the approval of the TSX Venture Exchange.
ABOUT GREAT PANTHER
Great Panther Mining is a precious metals producer focused on the operation of the Tucano Gold Mine in Brazil where the Company controls a land package covering nearly 200,000 hectares in the prospective Vila Nova Greenstone belt. Great Panther is listed on the Toronto Stock Exchange and on the NYSE American.
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We acknowledge the [financial] support of the Government of Canada.