Vancouver – Silver Wheaton (SLW-T, SLW-N) is dipping into the silver deposit basket again, this time pulling out an 11% interest in Mines Management (MGT-V) for a purchase price of US$10 million.
In the transaction Silver Wheaton acquired 2.5 million common shares of the junior, at US$4 per share, as well as a right of first refusal over any silver stream sales by Mines Management from any of its projects in Montana.
The juniors flagship project is Montanore, a 100%-owned stratabound sediment-hosted silver-copper deposit in northwestern Montana. Montanore hosts measured and indicated resources of 73.9 million tonnes grading 70 grams silver per tonne and 0.75% copper, as well as inferred resources of 31.8 million tonnes grading 63.4 grams silver and 0.71% copper.
Silver Wheaton now holds a stake in six significant silver projects. The silver major holds silver stream agreements with Goldcorp (G-T, GG-N) regarding the Penasquito project and with Goldcorps wholly-owned subsidiary Luismin over the San Dimas property. And with the new addition, Silver Wheaton sits as the major shareholder in four other companies with major silver projects: Revett Minerals (RVM-T), Sabina Silver (SBB-V), Bear Creek Mining (BCM-T), and now Mines Management.
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