Great Panther Silver Provides Update on Coricancha Acquisition
Wed June 14, 2017 8:30 AM|PR Newswire|About: GPL
TSX: GPR
NYSE MKT: GPL
VANCOUVER, June 14, 2017 /PRNewswire/ - GREAT PANTHER SILVER LIMITED (GPL) (TSX: GPR) (NYSE MKT: GPL) ("Great Panther"; or the "Company") reports an update on the previously announced agreement to acquire the Coricancha gold-silver-lead-zinc-copper mine and mill complex (the "CMC") from Nyrstar N.V. ("Nyrstar"). The CMC is located in the central Andes of Peru, approximately 90 kilometres by paved highway east of the city of Lima. Under the terms of the agreement signed in December 2016, the acquisition is structured as a share purchase, whereby the Company's wholly owned Peruvian subsidiary will acquire all of the shares of Nyrstar Coricancha S.A. from subsidiaries of Nyrstar.
Recently, the Company and Nyrstar executed an Amended Share Purchase Agreement to reflect the reorganization of Nyrstar's investments in Peru to facilitate its planned divestitures. The amendments to the Share Purchase Agreement do not materially impact the terms of the transactions announced in December 2016. The transaction is still subject to several customary closing conditions which the Company and Nyrstar are aiming to complete before the end of June 2017, or shortly thereafter. Certain of these conditions depend on responses from third parties or authorities and therefore timing is subject to some uncertainty.
Once the transaction is completed, the Company's plans include further evaluations of the current mine and processing infrastructure, approximately 7,800 metres of underground drilling, environmental studies, and initiation of a preliminary feasibility study (PFS). Depending upon the outcome of the PFS, development in support of operations could commence in 2018. A resource update is underway and is expected to be completed in the third quarter of 2017.
In addition to finalizing the acquisition of the CMC in Peru, the Company continues to seek and evaluate additional acquisition opportunities to meet the Company's growth objectives.
ABOUT GREAT PANTHER
Great Panther Silver Limited is a primary silver mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE MKT trading under the symbol GPL. Great Panther's current activities are focused on the mining of precious metals from its two wholly-owned operating mines in Mexico: the Guanajuato Mine Complex, which includes the San Ignacio Mine; and the Topia Mine in Durango. In addition, the Company has signed an agreement to acquire a 100% interest in the Coricancha Mine Complex in the central Andes of Peru and is pursuing additional mining opportunities in the Americas.
Robert Archer
President & CEO
