VANCOUVER, BC, Dec. 18,
2023 /CNW/ - Santacruz Silver Mining Ltd.
(TSXV: SCZ) ("Santacruz" or, the "Company") is pleased to announce
that it has sold its shares in Santacruz Holdings Ltd., which has
100% ownership in Impulsora Minera Santacruz, S.A. de C.V., a
non-core Mexican subsidiary of the Company, to a private Mexican
group (the "Buyer").
The sale of this non-core asset is part of the
Company's ongoing restructuring efforts as it aims to streamline
its core business focus. The Company received a nominal cash
consideration in addition to the Buyer agreeing to accept certain
obligations and liabilities from the Company as consideration for
the sale of Santacruz Holdings Ltd. (see note 9 of Santacruz's Q3
2023 financial statements filed on SEDAR+ on November 29, 2023).
Arturo Préstamo, Executive Chairman and Interim
CEO of Santacruz, commented, "The divestment of this non-core asset
is expected to reduce our current liabilities and strengthen our
balance sheet. Going forward Santacruz will continue to assess
opportunities to deleverage the Company and improve its financial
position."
"In addition, the Company wishes to announce the
retirement of its Chief Operating Officer, Wayne Corso, effective December 31, 2023. In support of ensuring a
seamless transition, Mr. Corso has agreed to continue offering his
expertise to the company as a consultant. His responsibilities will
encompass overseeing ongoing projects, including providing guidance
for key initiatives like the management of various operational
aspects and acting as a Qualified Person for the Company."
Mr. Préstamo added, "Wayne made significant
contributions during his tenure as COO, playing a fundamental role
in incorporating the Bolivian operations into Santacruz and
participating in the recent management restructuring at
Zimapan. On behalf of the Board
and management, we express our gratitude to Wayne for his valuable
contributions and extend our best wishes for his future
endeavors."
About Santacruz Silver Mining
Ltd.
Santacruz Silver is
engaged in the operation, acquisition, exploration, and development
of mineral properties in Latin
America. The Bolivian operations are comprised of the
Bolivar, Porco and the Caballo Blanco Group, which consists of the
Tres Amigos, Reserva and Colquechaquita mines. The Soracaya
exploration project and San Lucas
ore sourcing and trading business are also in Bolivia. The Zimapan mine is in
Mexico.
'signed'
Arturo Préstamo Elizondo,
Executive Chairman and Interim CEO
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 release.
Forward looking
information
This press release contains "forward-looking
information" and "forward-looking statements" within the meaning of
applicable securities legislation (collectively, "forward-looking
statements"). The forward-looking statements herein are made as of
the date of this press release only, and the Company does not
assume any obligation to update or revise them to reflect new
information, estimates or opinions, future events or results or
otherwise, except as required by applicable law. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budgets",
"scheduled", "estimates", "forecasts", "predicts", "projects",
"intends", "targets", "aims", "anticipates" or "believes" or
variations (including negative variations) of such words and
phrases or may be identified by statements to the effect that
certain actions "may", "could", "should", "would", "might" or
"will" be taken, occur or be achieved. These forward-looking
statements include, among other things, statements relating to the
effects on the divestment on the Company's restructuring efforts;
the expected effects of the divestment on the Company's current
liabilities and balance sheet; and the Company's future efforts to
continue to assess opportunities to deleverage the Company and
improve its financial position.
Such forward-looking statements are based on a
number of assumptions of management, including, without limitation,
that the divestment will positively impact the Company's
restructuring efforts, that the divestment will reduce the
Company's current liabilities and strengthen its balance sheet, and
that the Company will be able to adequately make further efforts to
continue to assess opportunities to deleverage the Company and
improve its financial position.
Additionally, forward-looking statements
involve a variety of known and unknown risks, uncertainties and
other factors which may cause the actual plans, intentions,
activities, results, performance or achievements of the Company to
be materially different from any future plans, intentions,
activities, results, performance or achievements expressed or
implied by such forward-looking statements. Such risks include,
without limitation: risks that the divestment may not have the
expected effect on the Company's restructuring efforts; risks that
the divestment may not have the expected effect on the Company's
current liabilities and balance sheet; risks that the Company may
not be able to adequately make further efforts to continue to
assess opportunities to deleverage the Company and improve its
financial position; and risks related to changes in general
economic, business and political conditions, including changes in
the financial markets, changes in applicable laws, and compliance
with extensive government regulation, as well as those risk factors
discussed or referred to in the Company's disclosure documents
filed with the securities regulatory authorities in certain
provinces of Canada and available
at www.sedarplus.ca
The forward-looking statements contained in
this press release represent management's best judgment based on
information currently available. No forward-looking statement can
be guaranteed and actual future results may vary materially.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements. Neither the Company nor any of its
representatives make any representation or warranty, express or
implied, as to the accuracy, sufficiency or completeness of the
information in this press release. Neither the Company nor any of
its representatives shall have any liability whatsoever, under
contract, tort, trust or otherwise, to you or any person resulting
from the use of the information in this press release by you or any
of your representatives or for omissions from the information in
this press release.
SOURCE Santacruz Silver Mining Ltd.