At the request of market regulators,
The Vancouver-based junior acquired a 51% interest in the producing mine earlier this year, and can acquire the remainder by paying a total of US$4 million over the next three years.
The Deep Santa Cruz portion of the resource estimate, released in late March, is not yet compliant with the reporting standards of National Instrument 43-101. The company also corrected omissions related to the March release, including the name of the company’s qualified person.
To set matters straight, the company is now drilling the deposit in order to obtain the data necessary to bring the resource into compliance with NI 43-101.
Meanwhile, the estimate for the North Porvenir deposit, which does comply with NI 43-101, is 42,200 tonnes (measured and indicated) grading 689 grams silver and 1.2 grams gold per tonne, equivalent to 934,800 oz. silver. Inferred resources for North Porvenir stand at 245,700 tonnes grading 486 grams silver and 1.2 grams gold, or 3.8 million oz. silver.
The historic resource at Deep Santa Cruz stands at 200,000 tonnes grading 600 grams silver, based on a preliminary report filed a year ago. The company has retained Watts Griffis & McOuat to prepare a report on Santa Cruz, focusing on the North Porvenir and Deep Santa Cruz deposits.
The company also intends to acquire properties in the Guanacevi district, surrounding the mine and processing plant.
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