VANCOUVER, BC, April 29,
2024 /CNW/ - GR Silver Mining Ltd. ("GR
Silver Mining" or the "Company") (TSXV: GRSL) (OTCQB:
GRSLF) (FRANKFURT: GPE) – is pleased to announce that the Company
and WP Servicios Industriales S.A. de C.V. ("WP") have
signed on April 28, 2024, a
definitive and binding Share Purchase Agreement (the
"Agreement") pursuant to which WP will acquire 100% of the
issued and outstanding shares of Marlin Gold Mining Ltd.
("Marlin") from GR Silver Mining. WP is a private Mexican
mining company that operates newly acquired gold, silver, lead, and
copper mines and a refinery, and conducts mineral trading in
Mexico. Marlin is a private
British Columbia company, 100%
owned by GR Silver Mining. Marlin owns, amongst other assets, Oro
Gold de Mexico, S.A. de C.V.
("Oro Gold"), a private
Mexican company that owns 100% of nine non-core concessions
("Other Concessions"), including the past producing
La Trinidad mine, located adjacent
to GR Silver Mining's core Plomosas Project.
Pursuant to the Agreement, GR Silver Mining will transfer to WP
all existing assets and rights, as well as all outstanding
undertakings, covenants, indemnities and obligations, of Marlin and
its subsidiaries, including Oro
Gold, in consideration for which GR Silver Mining will
receive a 0.5% NSR Royalty on the Other Concessions owned by
Oro Gold (as shown in Figure 1) and
a 10-year first right of refusal on any disposition of Other
Concessions by WP. The transaction is expected to close within one
month.
The disposition of Marlin and its subsidiaries allows GR Silver
Mining to focus on resource growth and the potential development of
the Company's core Plomosas Project (78 km2) (as shown
in Figure 1), including the San Marcial, Plomosas Mine, and San
Juan Areas. In addition, the Company continues to hold several
non-core concessions (270 km2) (as shown in Figure
1)
CEO and Chair of GR Silver Mining, Eric Zaunscherb, commented,
"We are pleased that the Agreement with WP will allow the Company
to strengthen its financial position and enhance the Company's
balance sheet, allowing it to focus on the recently announced bulk
sampling test mining program (news release dated March 4), as well as position it to resume
resource drilling in the San Marcial area. The Agreement eliminates
most of the Company's working capital deficit without diminishing
its resource inventory. GR Silver Mining's geological team has done
an excellent job growing the Plomosas Project resource estimate
significantly and cost effectively. The team has demonstrated the
exploration model's efficacy with an exceptional hit rate, and we
continue to be excited by the project's potential for further
resource growth." José Sierra, WP's Mining Division CEO, added,
"With the closing of this transaction, WP will be operating in
proximity to GR Silver's Plomosas Project, and we look forward to
potential cooperation with GR Silver in the region."
As outlined in Tables 1 and 2, the Plomosas Project,
including the San Marcial – Plomosas Mine - San Juan/La
Colorada areas, hosts 55 million ounces of silver or 85
million ounces of silver equivalent in the Indicated category, and
22 million ounces silver or 45 million ounces of silver equivalent
in the Inferred category. The full technical report dated
May 3rd, 2023, with an effective date
of March 15th, 2023, is entitled
"Technical Report and Mineral Resource Update for the Plomosas
Project". The report was prepared for GR Silver Mining Ltd. by Dr.
Gilles Arseneau, P.Geo. of ARSENEAU
Consulting Services Inc. and can be found under the Company issuer
profile at SEDAR+.
In management's view, the San Marcial area represents an
important focus for exploration given its silver-dominant
mineralization (46 million ounces of silver in the Indicated
Category and 14 million ounces of silver in the Inferred category),
scalability, significant widths, and shallow depths (Figures 2 and
3). Simultaneously, management intends to advance technical studies
and permitting for San Marcial's potential development.
Qualified Person
The Qualified Person under National Instrument 43-101 Standards
of Disclosure for Mineral Projects for this news release
is Marcio Fonseca, P. Geo., President & COO for GR Silver
Mining, who has reviewed and approved its contents.
About GR Silver Mining Ltd.
GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration
company engaged in cost effective silver-gold resource expansion on
its 100%-owned assets, located on the eastern edge of the Rosario
Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of the
former Plomosas underground mine within the Plomosas Project, which
includes the integrated San Marcial Area. In conjunction with a
portfolio of early to advanced stage exploration targets, the
Company holds 78 km2 of highly prospective core
concessions and an additional 270 km2 of non-core
concessions.
GR Silver Mining Ltd.
Eric Zaunscherb, Chair &
CEO
Cautionary Statement Regarding Forward-Looking
Information
This press release contains "forward-looking statements"
within the meaning of applicable Canadian securities legislation
and information that are based on the beliefs of management and
reflect the Company's current expectations. When used in this press
release, the words "estimate", "project", "belief", "anticipate",
"intend", "expect", "plan", "predict", "may" or "should" and the
negative of these words or such variations thereon or comparable
terminology are intended to identify forward-looking statements and
information.
Such statements and information reflect
the current view of the Company. Risks and uncertainties
may cause actual results to differ materially from those
contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements, or other future
events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
SOURCE GR Silver Mining Ltd.