Golden Tag to buy First Majestic’s Parrilla silver mine
TSX-V-listed Golden Tag Resources on Wednesday announced the acquisition of the former producing La Parrilla silver mine, in Mexico, from First Majestic Silver for $33.5-million.
The La Parrilla mine was First Majestic’s first silver mine and produced 34.3-million ounces of silver-equivalent ounces under its ownership.
“Over the past two years we have evaluated several opportunities for growth in the silver space and La Parrilla is a great opportunity. The mine complex is fully permitted, located only 45 minutes on paved roads from Durango and, only a few hours from our existing San Diego project,” said Golden Tag president and CEO Greg McKenzie.
He stated that the acquisition was a “transformative” transaction for Golden Tag.
“Our short-term objective is to commence exploration within and near mine workings in order to expand the resource base, to support our ultimate goal and vision of placing the asset back into production.”
The asset has excellent infrastructure, including a 2 000 t/d processing facility, a dry stack filter plant with about nine years of tailings capacity available, numerous buildings, including a doré refinery, and a partial underground mining fleet.
Golden Tag would acquire the asset for $33.5-million, including an upfront equity consideration of $20-million and deferred payments of $13.5-million.
The company would raise at least C$9-million in equity, concurrent with the acquisition, with participation of $2.7-million from First Majestic
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
