Kootenay Announces Option with Pan American Silver – Includes US$16 Million in Work and Cash Payments, CDN$2.0 Million Equity Investment and a Carried to Production Interest
Kootenay President and CEO James McDonald stated: “We are very excited to join forces to aggressively develop our Promontorio Mineral Belt assets with Pan American, one of the world’s esteemed mining companies and operators of seven silver mines in Mexico, Argentina, Peru and Bolivia. Bringing approximately US$16 million in cash payments and exploration investments and a carried interest to commercial production, along with a CDN$2 million direct investment in Kootenay, the PAS Transactions underscore Pan American’s confidence in the potential viability of La Negra and the Promontorio Mineral Belt. The PAS Transactions serve as catalyst and a strong complement to our new consolidation plan with Northair Silver, providing the amalgamation with greater financial strength and flexibility to focus on the advancement of the La Cigarra silver asset and to pursue further potential consolidation and growth opportunities in the sector.”
