Endeavour Silver Corp. has entered into a definitive agreement to purchase the Pitarrilla project in Durango State, Mexico, by acquiring all of the issued and outstanding shares of SSR Durango, S.A. de C.V. from SSR Mining Inc. for a total consideration of US$70 million and a 1.25% net smelter returns royalty (NSR Royalty).
Pitarrilla is a large undeveloped silver, lead, and zinc project located 160 km north of Durango City, in northern Mexico. The Pitarrilla property consists of 4950 ha. across five concessions and has significant infrastructure in place with direct access to utilities. SSR Mining filed a technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) titled ‘NI 43-101 Technical Report on the Pitarrilla Project’, dated 14 December 2012 (2012 Technical Report). The 2012 Technical Report provided a feasibility study outlining a large, mainly open-pit operation and a mineral resource estimate, which has since been updated by SSR Mining for its Annual Information Form (AIF) for the financial year ended 31 December 2020.
Dan Dickson, Endeavour’s Chief Executive Officer, comments:
“The acquisition of Pitarrilla, one of the world’s largest undeveloped silver projects, accelerates our vision to become a premier senior silver producer.
“We now have a tremendous growth pipeline, which in addition to Pitarrilla includes the Terronera and Parral projects, in a country where we have extensive experience and expertise. While Terronera is the next project to be developed, we anticipate that Pitarrilla will be a significant asset in our portfolio and may take priority over the advancement of Parral. We will be in a position to make such a decision once we complete further drilling and analyse the economics of various scales and options for production.”
Read the article online at: https://www.globalminingreview.com/mining/17012022/endeavour-silver-acquires-the-pitarrilla-project-from-ssr-mining/