VANCOUVER, BC, July 17,
2024 /CNW/ - GR Silver Mining Ltd. ("GR
Silver Mining" or the "Company") (TSXV: GRSL) (OTCQB:
GRSLF) (FRANKFURT: GPE) – is pleased to announce that it has closed
the transaction announced June 28,
2024 (news release) pursuant to which a private,
arm's-length Canadian company active in Mexico ("PrivateCo") has acquired from
the Company 100% of the issued and outstanding shares of Marlin
Gold Mining Ltd. ("Marlin"). Marlin is a private
British Columbia company which
owns, amongst other assets, Oro Gold de Mexico, S.A. de C.V. ("Oro Gold"), a private Mexican company that
owns 100% of nine concessions ("Concessions"), including the
past producing La Trinidad mine,
located adjacent to the Company's core Plomosas Project.
Pursuant to the Agreement, GR Silver Mining has transferred to
PrivateCo 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 has received a 0.5% NSR Royalty on the Concessions owned by
Oro Gold and a 10-year first right
of refusal on any disposition of the Concessions by PrivateCo.
The Agreement eliminates most of the Company's working capital
deficit without diminishing its resource inventory, allowing GR
Silver Mining to focus on resource growth and the potential
development of the Company's core Plomosas Project (78
km2), including the San Marcial, Plomosas Mine, and San
Juan Areas.
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.