Defiance Extends San Acacio Option to 2023 and Other Corporate Matters
DEFIANCE EXTENDS SAN ACACIO OPTION TO 2023
AND OTHER CORPORATE MATTERS
FOR RELEASE: MAY 19th, 2020 TSXV: DEF
OTC: DNCVF
Vancouver, British Columbia--( Newsfile Corp. - May 19, 2020) – Defiance Silver Corp.
("Defiance" or the "Company ") is pleased to announce that it has successfully
renegotiated and significantly extended the terms of the option agreement on the
Company’s flagship San Acacio Silver project. The project vendor has agreed to extend
the option agreement terms by three years from September 27, 2020 to September, 27,
2023. In addition, 80% of the option payments due before March 27 and June 27, 2020
have been deferred as a part of this extension. Defiance will now be making quarterly
payments, over three years, to the property vendor totaling US$ 2,278,189, with the final
option payment of US$2, 407,461 due September 27, 2023. In accordance with the
original agreement, the vendor retains a 2.5% NSR which may be purchased for
US$2,500,000. Should the agreement be terminated prior to September 27, 2023 a
break fee equal to 5% of the outstanding option balance shall be paid to the property
vendor.
“We are very pleased with the extension of the option agreement on the San Acacio
project and want to thank our property vendor for their continued support of Defiance
Silver. This additional financial flexibility will enable us to con tinue our ongoing
exploration efforts, which are focused on the compilation and reinterpretation of all
previous work done at San Acacio . This work will allow us to better understand the
mineral system and create better structural controls for fu ture drill target definition and
delineation,” stated Chris Wright, Executive Chairman & CEO.
Defiance also announces that the Company’s Annual General Meeting will be delayed .
The Annual General Meeting will take place on or before December 31st , 2020 to
protect the safety of our officers, employees, and investors due to the ongoing COVID-
19 crisis.
About Defiance Silver Corp.
Defiance Silver Corp. (DEF | TSX Venture Exchange; DNCVF | OTC; D4E | Frankfurt) is a n
exploration company advancing the district-scale San Acacio Deposit, located in the
historic Zacatecas Silver District and the 100% owned Tepal Gold/Copper Project in
Michoacán state, Mexico. Defiance is managed by a team of proven mine developers
with a track record of exploring, advancing and developing several operating mines and
advanced resource projects. Defiance’s corporate mandate is to expand the San Acacio
and Tepal projects to become premier Mexican silver and gold deposits.
On behalf of Defiance Silver Corp.
“Chris Wright”
Executive Chairman of the Board
For more information, please contact: Investor Relations at +1 917- 563-3821 or via
email at [email protected].
www.defiancesilver.com
704 - 595 Howe Street
Vancouver, BC V6E 2K3
Tel: 604-669-7315 Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
This news release may contain forward -looking statements including but not limited to
comments regarding timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral recovery processes, et c.
Forward-looking statements address future events and conditions and therefore involve
inherent risks and uncertainties. Actual results may differ materially from those currently
anticipated in such statements. Defiance Silver Corp. relies upon litigatio n protection for
forward-looking statements.