TSX.V: SCZ
FSE: 1SZ
TSX.V: MLN
VANCOUVER, Aug. 17, 2017 /CNW/ - Santacruz Silver Mining
Ltd. (TSX.V:SCZ) ("Santacruz") and Marlin Gold
Mining Ltd. (TSX.V:MLN) ("Marlin") announce that,
further to the companies' joint press release dated August 8, 2017, the sale of Santacruz's Gavilanes
Property in Durango State, Mexico
to Marlin (the "Gavilanes Transaction") for total consideration of
US$3.50 million plus applicable VAT
(the "Purchase Price") has been completed.
US$0.58 million from the Purchase
Price was credited against the deposit advanced by Marlin to
Santacruz on August 10, 2017 in
connection with the payment of the outstanding balance owing to a
property vendor on certain of the claims included in the Gavilanes
Project (see Santacruz's press release dated August 10, 2017).
In addition, US$1.15 million from
the Purchase Price was applied toward settling all remaining
outstanding debt owing to JMET, LLC ("JMET") and JMET has released
and discharged all of its security and registrations over
Santacruz's assets and the 3,750,000 "cashless" warrants of
Santacruz previously issued to JMET have been cancelled.
Akiba Leisman, Executive Chairman
and Interim CEO of Marlin states that "we are excited to have
completed the purchase of an extraordinary exploration asset in one
of the world's most prolific silver mining districts. To have
bought this project at an attractive price is a testament to
Marlin's ability to grow on an accretive basis."
Arturo Prestamo, CEO of
Santacruz, noted that "Management has executed on our plan to
divest of non-core assets in order to focus on our existing
producing assets with a view to scaling up production levels".
About Santacruz Silver Mining Ltd.
Santacruz is a Mexican focused silver company with two producing
silver projects (Rosario Project, including the Rosario Mine, Cinco
Estrellas Property and Membrillo Vein, and the right to operate the
Veta Grande Project and milling facility); and two exploration
properties, the Minillas Property and Zacatecas properties. Santacruz is managed by
a technical team of professionals with proven track records in
developing, operating and discovering silver mines in Mexico with a corporate objective to become a
mid-tier silver producer.
About Marlin Gold Mining Ltd.
Marlin is a growth-oriented gold and silver mining company
focused on the Americas. The company owns two properties
located in Sinaloa, Mexico and
Arizona, USA and a portfolio of
royalties. Marlin's priority is to advance its properties
toward commercial production and enhance shareholder value through
the growth of its wholly owned subsidiary, Sailfish Royalty
Corp. Marlin is backed by a well-funded investor with a
successful track record in the resources sector. The La
Trinidad Mine in Sinaloa, Mexico
declared commercial production on November
1, 2014 and is one of the highest-grade open pit heap leach
gold mines in Mexico. A NI 43-101 mineral resource estimate
and preliminary economic assessment for the La Trinidad Mine can be
found at www.sedar.com or at www.marlingold.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE SantaCruz Silver Mining Ltd.