The Prospector News

SilverCrest Completes Exercise of La Joya West Option

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

SilverCrest Completes Exercise of La Joya West Option

 

 

 

 

 

SilverCrest Mines Inc. (TSX-V: SVL; NYSE MKT: SVLC) is pleased to announce that the Company, through its wholly-owned subsidiary, SilverCrest de Mexico S.A. de C.V., has completed the exercise of the Company’s option to acquire a 100% interest in the nine (9) La Joya West concessions which comprise approximately 529 hectares located 75 kilometres southeast of the city of Durango, Mexico.  The Company exercised the option by making a final payment of US$2.5 million to the concession owners, one-half was paid in cash and one-half was paid by issuing a total of 615,776 common shares of the Company at an issue price of Cdn$2.06 per share (totaling $1,268,499 or US$1.25 million).  The concession owners retain a 2% net smelter return (“NSR”) royalty from mineral production on the property covered by the concessions.  The nine La Joya West concessions, together with the three La Joya East concessions (which the Company has an option to acquire a 100% interest), and five other concessions staked by the Company, comprise the Company’s La Joya Project which is approximately 10,660 total hectares.


 

J. Scott Drever, President stated: “The La Joya West concessions contain the large La Joya silver-copper-gold resource as well as the Coloradito tungsten-molybdenum deposit. Exercise of the option is consistent with SilverCrest’s ongoing strategy of acquiring 100% ownership in its projects once substantial shareholder value has been created at minimal financial risk. We have commenced a Preliminary Economic Assessment (PEA) to determine the broad economic parameters for potential development of a  higher grade starter pit with a conventional processing facility.”

 

 

SilverCrest Mines Inc. is a Canadian precious metals producer headquartered in Vancouver, BC. SilverCrest’s flagship property is the 100%-owned Santa Elena Mine, located 150 km northeast of Hermosillo, near Banamichi in the State of Sonora, México. The mine is a high-grade, epithermal gold and silver producer, with an estimated life of mine cash cost of US$8 per ounce of silver equivalent (55:1 Ag: Au). SilverCrest anticipates that the 2,500 tonnes per day open pit heap leach facility at the Santa Elena mine should recover approximately 625,000 ounces of silver and 33,000 ounces of gold in 2013. An expansion plan is well underway to nearly double the annual metals production in 2014 at the Santa Elena Mine (open pit and underground). Exploration programs have rapidly advanced the definition of a large polymetallic deposit at the La Joya property in Durango State with stated resources nearing 200 million ounces of Ag equivalent.

Posted May 27, 2013

Share this news article

MORE or "UNCATEGORIZED"


Aya Gold & Silver Intercepts 1,299 g/t Ag over 15m and Continues to Expand Zgounder at Depth

Aya Gold & Silver Inc. (TSX: AYA) is pleased to announce hig... READ MORE

September 21, 2021

IAMGOLD Reports Positive Assay Results from the 2021 Resource Delineation Drilling on the Gosselin Zone and Continues to Extend the Mineralized System - Côté Gold Project, Ontario

IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) is pleased to announce... READ MORE

September 21, 2021

Troilus Drills 4.40 g/t AuEq Over 12 Metres Within a Broader Intersection of 2.10 g/t Over 31 Metres in the J Zone; Confirms +50 Metre Down Dip Mineral Extension

Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) reports additional r... READ MORE

September 21, 2021

Thor Explorations Announces Exercise of Warrants

Thor Explorations Ltd. (TSX-V: THX) (AIM: THX) announces the exer... READ MORE

September 21, 2021

Tarachi Announces Drill Results from San Javier Concession in Sonora, Mexico

Tarachi Announces Drill Results from San Javier Concession in Son... READ MORE

September 21, 2021

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2021 The Prospector News