Endeavour Silver Completes the Sale of the El Compas Property to Grupo ROSGO for US$5.0 million
September 12 2022 - 5:50AM
Endeavour Silver Corp.
(“Endeavour” or the
“Company”) (NYSE: EXK; TSX: EDR) is
pleased to announce it has entered into an agreement to sell a 100%
interest in Minera Oro Silver de Mexico, S.A. de C.V. (“MOS”), a
wholly owned subsidiary of Endeavour to Grupo ROSGO, S.A. de C.V.,
(“Grupo ROSGO”). MOS holds the El Compas property and the lease on
the La Plata processing plant in Zacatecas, Mexico. All references
to dollars ($) in this news release are to United States dollars.
Pursuant to the agreement, Grupo ROSGO will pay
Endeavour $5 million cash over five years with an initial payment
of $250,000 on signing of the definitive agreement. Instalment
payments of $500,000 will be made every six months other than the
third payment, which will be $750,000. The payments are secured by
a pledge of the shares of MOS.
Endeavour CEO, Dan Dickson commented, “We are
pleased with the sale of El Compas to Grupo ROSGO as it streamlines
our project portfolio and frees up management time to focus on
advancing our extensive growth pipeline, including the Terronera
project and Pitarrilla.”
About Endeavour Silver –
Endeavour Silver Corp. is a mid-tier precious metals mining company
that operates two high-grade underground silver-gold mines in
Mexico. Endeavour is currently advancing the Terronera mine project
towards a development decision, pending financing and final permits
and exploring its portfolio of exploration and development projects
in Mexico, Chile and the United States to facilitate its goal of
becoming a premier senior silver producer. Our philosophy of
corporate social integrity creates value for all stakeholders.
SOURCE Endeavour Silver Corp. Contact
InformationGalina Meleger, Vice President of Investor
Relations Tel: (604)640-4804Email: gmeleger@edrsilver.com Website:
www.edrsilver.com
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Instagram and LinkedIn
Cautionary Note Regarding Forward-Looking
Statements
This news release contains “forward-looking
statements” within the meaning of the United States private
securities litigation reform act of 1995 and “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Such forward-looking statements and information herein
include but are not limited to statements regarding receipt of
installment payments for the sale of El Compas, Endeavour’s
anticipated performance in 2022, advancing its extensive growth
pipeline, including Terronera and Pitarrilla, the timing and
results of various activities and the impact of the COVID 19
pandemic on operations. The Company does not intend to and does not
assume any obligation to update such forward-looking statements or
information, other than as required by applicable law.
Forward-looking statements or information
involve known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, production
levels, performance or achievements of Endeavour and its operations
to be materially different from those expressed or implied by such
statements. Such factors include but are not limited to, failure to
receive installment payments of the sale price, the ultimate impact
of the COVID 19 pandemic on operations and results, changes in
production and costs guidance, national and local governments,
legislation, taxation, controls, regulations and political or
economic developments in Canada and Mexico; financial risks due to
precious metals prices, operating or technical difficulties in
mineral exploration, development and mining activities; risks and
hazards of mineral exploration, development and mining; the
speculative nature of mineral exploration and development, risks in
obtaining necessary licenses and permits, and challenges to the
Company’s title to properties; as well as those factors described
in the section “risk factors” contained in the Company’s most
recent Form 40F/Annual Information Form filed with the United
States Securities and Exchange Commission and available at
www.sec.gov, and Canadian securities regulatory authorities and
available at www.sedar.com.
Forward-looking statements are based on
assumptions management believes to be reasonable, including but not
limited to: the continued operation of the Company’s mining
operations, no material adverse change in the market price of
commodities, mining operations will operate and the mining products
will be completed in accordance with management’s expectations and
achieve their stated production outcomes, and such other
assumptions and factors as set out herein. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements or information, there may be other
factors that cause results to be materially different from those
anticipated, described, estimated, assessed or intended. There can
be no assurance that any forward-looking statements or information
will prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements or
information. Accordingly, readers should not place undue reliance
on forward-looking statements or information.
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