Santacruz Silver Mining Ltd. press release
Santacruz Silver Completes Gavilanes Property Sale to Marlin Gold
TSX - Toronto Stock Exchange
Canada NewsWire
VANCOUVER, Aug. 17, 2017
TSX.V: SCZ FSE: 1SZ TSX.V: MLN
VANCOUVER, Aug. 17, 2017/CNW/ - Santacruz Silver Mining Ltd. (TSX.V:SCZ)("Santacruz") andMarlin Gold Mining Ltd.(TSX.V:MLN)("Marlin") announce that, further to the companies' joint press release dated August 8, 2017, the sale of Santacruz's Gavilanes Property in Durango State, Mexicoto Marlin (the "Gavilanes Transaction") for total consideration of US$3.50 millionplus applicable VAT (the "Purchase Price") has been completed.
US$0.58 millionfrom the Purchase Price was credited against the deposit advanced by Marlin to Santacruz on August 10, 2017in connection with the payment of the outstanding balance owing to a property vendor on certain of the claims included in the Gavilanes Project (see Santacruz's press release dated August 10, 2017).
In addition, US$1.15 millionfrom the Purchase Price was applied toward settling all remaining outstanding debt owing to JMET, LLC ("JMET") and JMET has released and discharged all of its security and registrations over Santacruz's assets and the 3,750,000 "cashless" warrants of Santacruz previously issued to JMET have been cancelled.
Akiba Leisman, Executive Chairman and Interim CEO of Marlin states that "we are excited to have completed the purchase of an extraordinary exploration asset in one of the world's most prolific silver mining districts. To have bought this project at an attractive price is a testament to Marlin's ability to grow on an accretive basis."
Arturo Prestamo, CEO of Santacruz, noted that "Management has executed on our plan to divest of non-core assets in order to focus on our existing producing assets with a view to scaling up production levels".
About Santacruz Silver Mining Ltd.
Santacruz is a Mexican focused silver company with two producing silver projects (Rosario Project, including the Rosario Mine, Cinco Estrellas Property and Membrillo Vein, and the right to operate the Veta Grande Project and milling facility); and two exploration properties, the Minillas Property and Zacatecasproperties. Santacruz is managed by a technical team of professionals with proven track records in developing, operating and discovering silver mines in Mexicowith a corporate objective to become a mid-tier silver producer.
About Marlin Gold Mining Ltd.
Marlin is a growth-oriented gold and silver mining company focused on the Americas. The company owns two properties located in Sinaloa, Mexicoand Arizona, USAand a portfolio of royalties. Marlin's priority is to advance its properties toward commercial production and enhance shareholder value through the growth of its wholly owned subsidiary, Sailfish Royalty Corp. Marlin is backed by a well-funded investor with a successful track record in the resources sector. The La Trinidad Mine in Sinaloa, Mexicodeclared commercial production on November 1, 2014and is one of the highest-grade open pit heap leach gold mines in Mexico. A NI 43-101 mineral resource estimate and preliminary economic assessment for the La Trinidad Mine can be found at www.sedar.comor at www.marlingold.com.
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 release.
SOURCE SantaCruz Silver Mining Ltd.
View original content: http://www.newswire.ca/en/releases/archive/August2017/17/c2155.html
Neil MacRae, Director, Investor Relations, Santacruz Silver Mining Ltd., Email: info@santacruzsilver.com, Telephone: (604) 569-1609; Akiba Leisman, Executive Chairman and Interim CEO, Marlin Gold Mining Ltd., E-mail: aleisman@marlingold.com, Telephone: 203-862-7059Copyright CNW Group 2017