Endeavour Silver Announces Completion of Pitarrilla Acquisition

VANCOUVER, British Columbia, July 06, 2022 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE:EXK , TSX:EDR ) is pleased to announce the successful completion of its acquisition of the Pitarrilla Project ("Pitarrilla ") from SSR Mining Inc. (TSX:SSRM , ASX: SSR)) ("SSR Mining "). Pitarrilla, one of the largest undeveloped silver deposits in the world1 , is located 160 kilometres north of Durango City, in northern Mexico. Pitarrilla comprises 4,950 hectares across five concessions and has significant infrastructure in place with direct access to utilities. All references to dollars ($) in this news release are to United States dollars. "The addition of the Pitarrilla project elevates our portfolio as a leading mid-tier silver producer with high quality silver exposure and significant growth," said Dan Dickson, Endeavour's CEO. "We look forward to bringing our regional expertise to generate long-term value for our shareholders. Our immediate goal is to verify all historical data to prepare a current mineral resource estimate, drill high priority exploration targets, and further define regional targets. The transition process has already begun, and we look forward to building on the successes achieved by SSR Mining." Transaction Information Endeavour purchased Pitarrilla by acquiring all the issued and outstanding shares of SSR Durango, S.A. de C.V. from SSR Mining and Silver Standard Ventures Inc. for total consideration of approximately $70 million, comprising $34,909,936.60 in Endeavour common shares and a further $35,066,829.58 in cash, and a 1.25% net smelter returns royalty ("NSR Royalty ") on Pitarrilla. As a result, 8,577,380 Endeavour common shares were issued based on a deemed price of $4.0700 per share. The shares are subject to a hold period of four months and one day following the ... Full story available on Benzinga.com