Sierra Metals Completes the Sale of the Cusi Mine
19 Julho 2024 - 8:00AM
Business Wire
Sierra Metals Inc. (TSX:SMT | OTCQX:SMTSF | BVL: SMT)
(“Sierra Metals” or the “Company”) is pleased to announce, further
to the May 22, 2024 news release, the completion of the sale of the
Cusi Mine and surrounding mineral concessions located in Mexico
(collectively, the “Cusi Mine”) to Minera San Bernabé, S.A. de
C.V., a subsidiary of Silverco Mining Corp. (“SMC”).
The Company sold the Cusi Mine for US$2.5 million in cash and a
2.0% net smelter royalty in respect of the Cusi Mine granted in
favour of Sierra Metals (the “Royalty”)1. SMC has the right to
purchase one-half of the Royalty at any time in exchange for a cash
payment to Sierra Metals of US$5.0 million.
The sale of Cusi Mine will allow the Company to direct its full
efforts and resources to grow its two core assets, the Yauricocha
polymetallic mine in Peru and the copper-producing Bolivar mine in
Mexico.
About Sierra Metals
Sierra Metals is a Canadian mining company focused on copper
production with additional base and precious metals by-product
credits at its Yauricocha Mine in Peru and Bolivar Mine in Mexico.
The Company is intent on safely increasing production volume and
growing mineral resources. Sierra Metals has recently had several
new key discoveries and still has many more exciting brownfield
exploration opportunities in Peru and Mexico that are within close
proximity to the existing mines. Additionally, the Company has
large land packages at each of its mines with several prospective
regional targets providing longer-term exploration upside and
mineral resource growth potential.
Forward-Looking Statements
This press release contains forward-looking information within
the meaning of Canadian securities legislation. Forward-looking
information relates to future events or the anticipated performance
of Sierra and reflect management's expectations or beliefs
regarding such future events and anticipated performance based on
an assumed set of economic conditions and courses of action. In
certain cases, statements that contain forward-looking information
can be identified by the use of words such as "plans", "expects",
"is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", "believes" or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might", "will allow", "occur" or "be
achieved" or the negative of these words or comparable terminology.
By its very nature forward-looking information involves known and
unknown risks, uncertainties and other factors that may cause
actual performance of Sierra to be materially different from any
anticipated performance expressed or implied by such
forward-looking information.
Forward-looking information is subject to a variety of risks and
uncertainties, which could cause actual events or results to differ
from those reflected in the forward-looking information, including,
without limitation, the risks described under the heading "Risk
Factors" in the Company's annual information form dated March 15,
2024 for its fiscal year ended December 31, 2023 and other risks
identified in the Company's filings with Canadian securities
regulators, which are available at www.sedarplus.ca.
The risk factors referred to above are not an exhaustive list of
the factors that may affect any of the Company's forward-looking
information. Forward-looking information includes statements about
the future and is inherently uncertain, and the Company's actual
achievements or other future events or conditions may differ
materially from those reflected in the forward-looking information
due to a variety of risks, uncertainties and other factors. The
Company's statements containing forward-looking information are
based on the beliefs, expectations, and opinions of management on
the date the statements are made, and the Company does not assume
any obligation to update such forward-looking information if
circumstances or management's beliefs, expectations or opinions
should change, other than as required by applicable law. For the
reasons set forth above, one should not place undue reliance on
forward-looking information.
1 The Royalty was reduced to 0.5% in respect of two (2)
surrounding mineral concessions comprising part of the Cusi Mine
which the Company believes are not material.
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version on businesswire.com: https://www.businesswire.com/news/home/20240719218730/en/
For further information regarding Sierra Metals, please visit
www.sierrametal.com or contact:
Investor Relations Sierra Metals Inc. +1 (866) 721-7437
info@sierrametals.com
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