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News Update


Minerals Explorer to Sell Interest in Mexican Silver-Gold Properties
News Update

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The Canadian company will retain exposure to the asset, though, through a royalty.

Canasil Resources Inc. (CLZ:TSX.V) announced in a news release it agreed to sell its interest in Sandra-Escobar in Mexico to Pan American Silver Corp.'s subsidiary Plata Panamericana for CA$2 million and a 2% net smelter return (NSR) royalty on the latter's stake in the project.

"This arrangement provides significant nondilutive funding to maintain and advance our project portfolio, which includes drill-ready, high-grade silver-gold-base metal projects in Mexico and prospective gold-copper exploration projects in British Columbia, Canada," Canasil CEO Bahman Yamini said in the release.

Pan American has the option to lower Canasil's 2% NSR royalty on Sandra-Escobar to 1% at any time by paying Canasil CA$4 million.

The Sandra and Escobar properties, 200 kilometers northwest of Durango, encompass more than 6,970 hectares of mineral concessions.


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