GR Silver Mining Completes Sale of Non-Core Concessions
GR Silver Mining Completes Sale of Non-Core
Concessions
VANCOUVER, BC
,
Dec. 20, 2021
/CNW/ -
GR Silver Mining Ltd. ("GR Silver Mining"
or the
"Company")
(TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – announces the sale of two
non-core concessions,
El Salto
and El Salto Sur (the "Concessions"), which were acquired from
Mako Mining Corp. on
March 31, 2021
, to Grupo Minero Venturex S.A. DE C.V. ("Venturex"), a
private Mexican company.
The Concessions were sold to Venturex, in an 'arm's length' transaction, with the following terms and
conditions:
The Company received
US$1,000
;
The Company was granted a 0.5% net smelter royalty ("NSR");
Venturex is responsible for complying with all obligations arising from ownership of the
Concessions in accordance with Mining Laws, Regulations, and the Federal Law of Rights in
Mexico
; and
Venturex is responsible for payment of all outstanding concession fees, fines, surcharges and
updates derived from the non-payment of mining fees of the Concessions until the date on which
the payments are made.
GR Silver Mining President and CEO,
Marcio Fonseca
, commented,
"The sale of these two
Concessions is part of the Company's strategy to divest non-core concessions acquired in
conjunction with the acquisition of the past producer
La Trinidad
mine. By selling these
Concessions, the Company will be eliminating the ongoing concession fee obligations and current
liability once approval of the sale is granted."
El Salto
and El Salto Sur represent extensive (combined area 569.1 sq. km) early-stage exploration
concessions to the southeast of the Plomosas Project, on the
Sinaloa
-
Nayarit
border (Figure 1).
Figure 1: Location of
El Salto
and El Salto Sur concessions and the GR Silver Portfolio
Figure 1:
Location of El Salto and El Salto Sur concessions and the GR Silver (CNW Group/GR
Silver Mining Ltd.)
In
June 2021
, the Company submitted reduction proposals in the area of the
El Salto
and El Salto
Sur concessions to the Mexican government (
Dirección General de Minas
) but has not yet received
approval. The
El Salto
and El Salto Sur polygons shown above (Figure 1), reflect the areas prior to
the submissions for their reduction.
El Salto
and El Salto Sur represent extensive early-stage
exploration concessions on the edge of the western border of the Sierra Madre Occidental.
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 and
La Trinidad
acquisition. 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
kilometres in strike length.
GR Silver Mining Ltd.
Mr.
Marcio Fonseca
, P. Geo.
President & 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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/December2021/20/c7275.html
%SEDAR: 00040149E
For further information:
please contact: Brenda Dayton, VP Corporate Communications,
Telephone: +1.604.558.6248, Email: [email protected]
CO: GR Silver Mining Ltd.
CNW 06:30e 20-DEC-21