Arian Silver Corporation (“Arian Silver” or the “Company”) is pleased to announce that through its Mexican subsidiary Compañía Minera Estrella De Plata SA de CV, it has executed a binding agreement with Minera Oro Silver de Mexico SA de CV (“Minera Oro Silver”), a subsidiary of Endeavour Silver Corporation, to sell the Company’s 75 hectare Calicanto Project in the State of Zacatecas, for a cash consideration of US$400,000, which will be received upon the execution and ratification of the assignment agreement in respect of the relevant mineral concessions.
The Company’s strategy is to focus on the acquisition and development of near-term production assets; the Calicanto Project, which had a carrying value of US$602,000 as at 31 December 2015, is an early stage exploration project and is not considered core to the Company’s growth plans. The proceeds of the sale will assist the Company in the pursuit of its strategy, as management continue to evaluate projects with near-term production potential.
Jim Williams, Chief Executive Officer of Arian Silver commented, “The sale of Calicanto is consistent with our wider strategy of maximising value from our portfolio of assets, in order to strengthen the Company’s balance sheet, to better enable it to acquire near-term producing assets.
We continue to evaluate the Noche Buena Tailings Project and I look forward to reporting on the results of the metallurgical sampling programme on this project, which we announced on 13 May 2016, in due course.”
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
|Arian Silver Corporation|
Jim Williams, CEO
David Taylor, Company Secretary
Tel: +44 (0)20 7887 6599
|Northland Capital Partners Limited|
Gerry Beaney / David Hignell
Tel: +44 (0)203 861 6625
|Beaufort Securities Limited|
Tel: +44 (0)20 7382 8300
|Yellow Jersey PR Limited|
Tel: +44 (0)7768 537 739