Silver Standard Closes Valmy Mine Property Acquisition.
M2 EQUITYBITES-September 28, 2015-Silver Standard Closes Valmy Mine Property Acquisition
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28 September 2015 - Canadian mining company Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) has closed the acquisition 2,844 hectares contiguous with its Marigold mine in Nevada for USD 11.5m from Newmont Mining Corp. (NYSE: NEM), the company said.
Silver Standard acquired 100% of Newmont's interest in a prospective land package contiguous with the Marigold mine with 196,000 ounces of historical gold production, under the deal.
The company will have the potential to develop Mineral Resources at the Valmy and MUD deposits as well as test extensions to Marigold's Basalt pit mineralization.
It will also have the opportunity to improve and expand existing Marigold mine infrastructure in support of future mining operations.
The Valmy Property is a 2,844 hectare land package surrounding portions of the Marigold mine to the east, south and west.
Mining of the Valmy and MUD deposits concluded in 2005. These areas will be the initial focus of an exploration program at the Valmy Property.
Exploration will initially target resource extension around the Valmy and MUD pit surface excavations, in addition to the higher grade Basalt pit extension.
This transaction was announced on 11 August.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Sep 28, 2015|
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