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Endeavour Silver Announces Agreement to Sell 1% Interest in the Cozamin Royalty to Gold Royalty Corp
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Endeavour Silver Corp. (NYSE: EXK; TSX: EDR) announces the sale of its 1% Cozamin royalty for US$7,500,000 to Gold Royalty Corp. The royalty applies to two concessions on Capstone’s Cozamin copper-silver mine in Zacatecas, Mexico. The sale includes an option for Gold Royalty Corp to purchase additional royalties on remaining concessions. The agreement is subject to standard closing conditions and expected to be completed by August 31, 2023.
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VANCOUVER, British Columbia, July 31, 2023 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) is pleased to announce that its wholly-owned subsidiary, Minera Plata Adelante SA de CV (“MPA”) has entered into an agreement with Gold Royalty Corp. to sell all of MPA's interest in the 1% Cozamin royalty (“Royalty”) for total consideration of US$7,500,000, payable in cash. The Royalty applies to two concessions (Calicanto and Vicochea) on Capstone’s Cozamin copper-silver mine, located 3.6 kilometres north-northwest of Zacatecas City in state of Zacatecas, Mexico.
The Company obtained the Royalty through a concession division agreement signed in 2017 on seven wholly owned concessions which were acquired for US$445,000 The Cozamin Mine, a copper-silver mine owned and operated by Capstone Copper in Zacatecas, Mexico, is located on two of the seven Concessions.
The sale agreement includes an option granted to Gold Royalty Corp to purchase any additional royalties which may be granted on the five remaining concessions under the 2017 concession division agreement.
The definitive agreement is subject to standard closing conditions and is expected to be completed by August 31, 2023.
About Endeavour Silver – Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is advancing construction of the Terronera Project and exploring its portfolio of exploration projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
What is the total consideration for the sale of the 1% Cozamin royalty?
The total consideration for the sale is US$7,500,000, payable in cash.
Where is the Cozamin copper-silver mine located?
The Cozamin mine is located 3.6 kilometers north-northwest of Zacatecas City in the state of Zacatecas, Mexico.
What is included in the sale agreement with Gold Royalty Corp?
The sale agreement includes an option for Gold Royalty Corp to purchase any additional royalties which may be granted on the remaining concessions under the 2017 concession division agreement.
endeavour silver corp. (nyse: exk, tsx: edr, frankfurt: ejd) is a mid-cap silver mining company focused on the growth of its silver production, reserves and resources in mexico. since start-up in 2004, endeavour has posted seven consecutive years of aggressive silver production and resource growth. the organic expansion programs now underway at endeavour's two operating silver mines in mexico combined with its strategic acquisition program should help endeavour achieve its goal to become a premier, mid-tier silver mining company.
