GR Silver Mining Announces Settlement with Mako Mining
GR Silver Mining Announces Settlement with
Mako Mining
VANCOUVER, BC
,
Feb. 15, 2024
/CNW/ -
GR Silver Mining Ltd.
("GR Silver Mining" or the
"Company") (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – is pleased to announce that it
has signed a Waiver and Release Agreement (the "
Agreement
") with Mako Mining Corp. ("
Mako
")
under which the parties were mutually released from outstanding undertakings, covenants,
indemnities and obligations set out in, arising from, or related to GR Silver Mining's acquisition of
Marlin Gold Mining Ltd. ("
MGM
"), see
news release
of
April 1, 2021
. Mako retains a 1.0% NSR
Royalty on the concessions owned by Oro Gold de
Mexico
, S.A. de C.V., a wholly owned subsidiary
of MGM.
In consideration for the waiver and release, Mako has paid to GR Silver Mining a total of
USD$960,000
, satisfied in full by the payment to GR Silver Mining of
USD$500,000
cash and the
issuance and delivery to GR Silver Mining of 296,710 common shares of Mako at a deemed price of
$2.1007
per share.
CEO and Chair of GR Silver Mining, Eric Zaunscherb, commented, "We are grateful to the
management of Mako for agreeing to this settlement, which allows the Company to move forward
with its strategic plans as they unfold." GR Silver Mining is focused on delivering resource expansion
in the San Marcial area and bulk sampling and small-scale test mining in the Plomosas area.
About GR Silver Mining Ltd
.
GR Silver Mining is a Canadian-based,
Mexico
-focused junior mineral exploration company engaged
in cost effective silver-gold resource expansion on its 100%-owned assets, located on the eastern
edge of the Rosario Mining District, in the southeast of Sinaloa State,
Mexico
. GR Silver Mining
controls 100% of two past producer precious metal underground and open pit mines, within the
expanded Plomosas Project, which includes the integrated San Marcial Area. In conjunction with a
portfolio of early to advanced stage exploration targets, the Company holds 734 km
2
of concessions
containing several structural corridors totaling over 75 km in strike length.
GR Silver Mining Ltd.
Eric Zaunscherb, Chair & CEO
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking statements" within the meaning of applicable
Canadian securities legislation and information that are based on the beliefs of management and
reflect the Company's current expectations. When used in this press release, the words "estimate",
"project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the
negative of these words or such variations thereon or comparable terminology are intended to
identify forward-looking statements and information. Such statements and information reflect
the current view of the Company. Risks and uncertainties may cause actual results to differ
materially from those contemplated in those forward-looking statements and information. By their
nature, forward-looking statements involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or achievements, or other future events,
to be materially different from any future results, performance or achievements expressed or
implied by such forward-looking statements.
Neither the 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 press release.
SOURCE
GR Silver Mining Ltd.
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For further information:
Eric Zaunscherb. Telephone: +1.647.293.8457, Email:
CO: GR Silver Mining Ltd.
CNW 08:04e 15-FEB-24