The Company intends to use the net proceeds of the Offering for continued drilling, geological, engineering and metallurgical investigations and associated consulting services on its Manto Negro Copper Project located in Coahuila State, Mexico.
SEDENA was immediately informed of the ruling and it is expected that SEDENA will reinstate the explosives permit imminently. Once SEDENA officially reinstates the explosive permit, the Company will be able to resume blasting operations. It is anticipated that ramp up of full operations will be re-established by approximately mid-July.
Alonso Lujan, Vice President Exploration at Sierra Metals commented: Todays press release demonstrates the existence of increased high-grade silver mineralization at Cusi with the potential for further resource development, as this area remains open at depth and along strike. The increased potential resources defined today will allow the Company to utilize the highly productive exploitation method of sublevel caving and help achieve its economic objectives at the Cusi Mine. …
The old permit was for core drilling with a man portable rig, did not allow for the construction of an access road and was due to expire on July 30, 2018. The new permit will allow for the drilling of 12 drill holes, the building of 12 drill sites 14 x 7 meters suitable for using a reverse circulation drill, and the construction 3,693 meter access road 7 meters wide in order to reach the 12 new locations.
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