Defiance Silver Corp. (“Defiance”) is pleased to announce that it has renegotiated its San Acacio Silver Project purchase agreement, postponing a substantial amount of the payments due in 2016 to September 27, 2018. The postponed payments total US$300,000. In addition, the property vendor has agreed to review the 2017 payment schedule at the beginning of next year with consideration given to the state of both the TSX and the underlying silver market.
Prior to the renegotiation, Defiance had to make payments totaling US$450,000 in 2016. Now, Defiance will be making four quarterly payments of US$37,500 totaling US$150,000 instead.
“The San Acacio project vendor has been willing to renegotiate the purchase agreement on multiple occasions in the past, providing Defiance with the flexibility to prosper throughout this difficult market and to maximize the allocation of its treasury toward the advancement of the project instead of property payments. Defiance plans to use this additional financial flexibility in 2016 to explore and expand the existing resource at the San Acacio Silver Project”, stated Bruce Winfield President and CEO.
A Panoramic Video on the San Acacio Deposit is available on our website, or Click Here to visit our Defiance YouTube Channel. Defiance Silver Corp. is a silver explorer and developer advancing the San Acacio Deposit, located in the historic Zacatecas Silver District of central Mexico. Defiance is managed by a team of proven mine developers with a track record of exploring and developing 11 operating mines to date. Defiance’s corporate mandate is to expand San Acacio to become one of Mexico’s premier high grade wide vein silver deposits. For more information on the property or Defiance, please visit Defiance’s website at www.DefianceSilver.com.
On behalf of Defiance Silver Corp.
“Bruce Winfield”
President and CEO
1610 – 409 Granville Street | |
Vancouver, BC V6C 1T2 | Tel: 604-669-7315 |
Neither 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.
Original Article. http://www.defiancesilver.com/news/defiance-pushes-san-acacio-payments-to-2018
