Zimapan Mine lease extended for a decade!
Yet, Santacruz eye to acquire the Zimapan Santacruz Silver Mining reports that its wholly-owned subsidiary, Carrizal Mining S.A. de C.V, has reached agreement with Minera Cedros, S.A. de C.V, a wholly owned subsidiary of Industrias Peñoles, S.A.B. de C.V., to extend the current mine lease on the Zimapan Mine from December 31, 2020 to June 30, 2021. In a related matter, the Company advises that it and Minera Cedros are at an advanced stage of negotiations with respect to executing the transaction in its terms, whereby Santacruz will acquire the Zimapan Mine and all related assets. Further, the Company advises that it is in advanced discussions with a senior mine finance group with respect to putting in place a financing facility to support the acquisition of the Zimapan Mine and related assets. Carlos Silva, CEO of Santacruz commented “Management is very pleased to have reached this accommodating mining lease extension agreement with Minera Cedros in these difficult Covid-19