- Endeavour Silver (EDR) has acquired the Pitarrilla Project from SSR Mining Inc. (TSX:SSRM)
- Located in northern Mexico, Pitarrilla is one of the largest undeveloped silver deposits in the world
- Endeavour acquired all the issued and outstanding shares of SSR Durango, S.A. de C.V. for approximately $70 million
- Endeavour Silver Corp. is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico
- Endeavour Silver Corp. (EDR) opened trading at C$3.89
Endeavour Silver (EDR) has acquired the Pitarrilla Project from SSR Mining Inc. (TSX:SSRM).
One of the largest undeveloped silver deposits in the world, Pitarrilla is located in northern Mexico. The project consists of 4,950 hectares across five concessions and has direct access to utilities.
Dan Dickson, Endeavour’s CEO, commented on the acquisition.
“The addition of the Pitarrilla project elevates our portfolio as a leading mid-tier silver producer with high quality silver exposure and significant growth. We look forward to bringing our regional expertise to generate long-term value for our shareholders. Our immediate goal is to verify all historical data to prepare a current mineral resource estimate, drill high priority exploration targets, and further define regional targets. The transition process has already begun, and we look forward to building on the successes achieved by SSR Mining.”
Endeavour purchased Pitarrilla by acquiring all the issued and outstanding shares of SSR Durango, S.A. de C.V. for approximately $70 million, including $34,909,936.60 in common shares of Endeavour and $35,066,829.58 in cash.
Following the closing of this transaction, SSR Mining will own 4.52 per cent of the issued and outstanding common shares of Endeavour.
Management plans to invest $1.8 million for drilling and exploration activities to verify the historical data and define a current resource in 2022.
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 and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States.
Endeavour Silver Corp. (EDR) opened trading at C$3.89.