Guanajuato Silver Company Ltd. (TSXV:GSVR) (OTCQX:GSVRF) (AQSE:GSVR) is pleased to announce the partial prepayment of the two silver and gold loan/pre-payment facilities with Swiss-based precious metals trading firm, OCIM Precious Metals S.A. (see Guanajuato Silver previous news release dated May 9, 2022 – “GSilver Draws US$7.5M Silver/Gold Pre-Payment Facility from OCIM”).
Guanajuato Silver has delivered an aggregate of 96,518 ounces of silver and 846 ounces of gold representing five months’ deliveries of silver and gold ounces to OCIM thereby reducing the total number of monthly delivery payments remaining to OCIM under both facilities to ten. Because this repayment was transacted early, the Company received a discount on the total number of silver ounces paid to OCIM. Furthermore, the gold and silver bullion used to complete this early repayment was purchased by the Company at significantly lower spot prices during the past seven months than the spot prices used to calculate the initial gold and silver repayment ounces due to OCIM, thereby enabling the Company to accrue additional cost savings.
James Anderson, Chairman and CEO of Guanajuato Silver said, “Because we pay back OCIM in fixed amounts of silver and gold based on spot prices set at the time of funding, we have regularly taken advantage of dips in the spot market to purchase bullion; having accumulated enough silver and gold to cover five delivery payments, we are making this early repayment to OCIM, and in return, OCIM is compensating us further by providing a discount on the total number of precious metal ounces owed. We look forward to continuing our excellent working relationship with OCIM as we continue to ramp-up production at all four of our producing silver mines in Mexico.”
About Guanajuato Silver
GSilver is a precious metals producer engaged in reactivating past producing silver and gold mines near the city of Guanajuato, Mexico, which has an established 480-year mining history. With five mines and three processing facilities, the Company is one of the fastest growing silver producers in Mexico.
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We acknowledge the [financial] support of the Government of Canada.