Silver One Resources Inc. (TSXV: SVE | OTCQX: SLVRF | FSE: BRK1) has acquired a 100% interest in the past producing Candelaria silver mine project in Nevada from SSR Mining Inc.
To become the sole owner, Silver One previously issued a total US$3.1M of common shares (10,424,374 common shares) from 2017 to 2020 to SSR Mining and assumed a nearly US$2.5M reclamation bond filed with the BLM.
“Securing the 100% interest in Candelaria represents a major milestone in the company’s history. Candelaria was a former producer, with Kinross Gold operating the open pit mine up until 1997. Historically, it produced over 60Moz of silver. Operations were shut down due to a major drop in silver prices to under US$5.00/oz and the property was sold to SSR Mining,” commented Silver One president and CEO, Greg Crowe.
“Silver One entered into an agreement with SSR Mining in 2017, giving Silver One the ability to acquire a 100% interest in the project. Silver One is now poised to advance the project and continue evaluating the potential to bring the operation back into production. Silver One is currently updating the historical resource estimate to a current resource and completing metallurgical studies with the aim of completing an economic study. The property also hosts significant exploration potential for silver, gold, and copper.”
Prior to the acquisition, Silver One and SSR Mining agreed to extend the option end date and, in consideration of which, the company agreed to issue 250,000 common shares to SSR Mining. The issuance of the shares is subject to TSX Venture Exchange acceptance and will be subject to restrictions on resale for a period of four months from the date of issue. Silver One did not grant a royalty to SSR Mining.
For further information, please visit: www.renforthresources.com/
