SSR Mining to sell Mexican project to Endeavour Silver for up to $127M

Jan. 13, 2022 7:23 AM ETEndeavour Silver Corp. (EXK), SSRM, EDR:CA, SSRM:CABy: Carl Surran, SA News Editor1 Comment

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  • SSR Mining (NASDAQ:SSRM) agrees to sell its Pitarrilla project in Mexico, one of the world's largest undeveloped silver projects, to Endeavour Silver (NYSE:EXK) for as much as $127M.
  • The sale consists of $35M in cash, $35M in Endeavour shares and a 1.25% net smelter return royalty on the Pitarrilla property currently estimated by SSR Mining at as much as $57M.
  • On closing, SSR Mining will hold ~5% of Endeavour Silver's outstanding shares.
  • Pitarrilla is a large undeveloped silver, lead and zinc project in northern Mexico's Durango state, with a measured and indicated mineral resource of more than 525M oz. of silver in 164.79M metric tons grading 99.1 g/ton silver.
  • SSR Mining is "a well-run company" that posted $323M in revenues in Q3, Fun Trading writes in an analysis posted last month on Seeking Alpha.

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