Deals this week: First Majestic Silver, Cyprium Mining, Maya Gold & Silver

30 July 2015 (Last Updated July 30th, 2015 18:30)

First Majestic Silver has signed an agreement to acquire all of the issued and outstanding common shares of SilverCrest Mines.

First Majestic Silver has signed an agreement to acquire all of the issued and outstanding common shares of SilverCrest Mines.

The transaction will be implemented through a plan of arrangement under the Business Corporations Act (British Columbia).

SilverCrest shareholders will also receive shares in a newly formed company 'New SilverCrest', which will hold certain exploration assets currently held by the companies.

Cyprium Mining has entered a letter of intent with Minerales Nacionales de Mexico, Minera Potosi Silver and Daniel Valenzuela, collectively called Potosi Partners to form a twenty year joint venture (JV).

The JV will be formed for the exploitation and exploration of the Potosi silver mine located in the silver rich mining district of Santa Eulalia in Mexico.

Initially, Cyprium will acquire a 53% interest in the JV in return for a $2.5m financial commitment to the JV to be completed by 31 December 2016.

Maya Gold & Silver and the European Bank for Reconstruction and Development (EBRD) are planning to sign an agreement for a four year $6m financing.

At present, the parties are working on the legal documentation which is expected to be signed in the upcoming weeks.

The financing proceeds will be used to introduce flotation units at the Zgounder Silver Mine, to continue with the company's exploration efforts and development at the mine.

Constantine Metal Resources has signed an agreement with Dowa Metals & Mining Alaska on the Haines Block mining lease that surrounds the Palmer Property.

Under the agreement terms, Dowa has selected a small subset of the block that includes both surface and mineral rights, to become part of the Constantine-Dowa option-joint venture agreement.

The 99,000 acre land package Haines Block is leased by Constantine from the Alaska Mental Health Trust Authority.

Denison Mines has signed an agreement to sell its interest in the Gurvan Saihan joint venture (GSJV) to Uranium Industry of the Czech Republic.

As per the terms of the agreement, Denison will receive an initial payment of $250,000 on closing.

By 30 November 2015, the company will receive a deferred payment of $19,750,000.