VANCOUVER, April 13, 2015 /CNW/ - Santacruz Silver Mining Ltd. (TSX.V:SCZ) (the "Company" or "Santacruz") announces that further to the Company's press release of December 1, 2014 relating to the amended Pre-Paid Silver Purchase Agreement entered into with JMET, LLC, Santacruz is pleased to announce that the agreement has been further amended to extend until the end of 2015 the repayment of US$5 million of the US$7 million due on April 1, 2015. The Company paid US$2 million to JMET, LLC on April 1, 2015.
The extended repayment terms will provide the Company with additional financial flexibility following the interruption to operations at its Rosario Mine during the first quarter of 2015 arising from a tailings impoundment malfunction in early January, which has since been resolved. (see press release dated March 26, 2015)
President Arturo Préstamo stated, "With this additional financial flexibility and operations at Rosario now running smoothly and on track to be at 450 tpd by early May, the Company has better positioned itself during this difficult market environment."
About Santacruz Silver Mining Ltd.
Santacruz is a Mexican focused silver company with a producing mine (Rosario); two advanced-stage projects (San Felipe and Gavilanes) and an early-stage exploration project (El Gachi). The Company is managed by a technical team of professionals with proven track records in developing, operating and discovering silver mines in Mexico. Our corporate objective is to become a mid-tier silver producer.
Arturo Préstamo Elizondo,
President, Chief Executive Officer and Director
Neither the 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.
Forward looking information
Certain statements contained in this news release, including statements regarding the benefits of extending the repayment terms under the Pre-Paid Silver Purchase Agreement constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Any forward-looking information that constitutes a financial outlook is intended to provide information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events, that the Company obtains required regulatory approvals, that the Company is able to obtain material from third parties on reasonable terms, future metal prices and that the demand and market outlook for metals do not decline significantly. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition or ability to meet its contractual obligations and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration, development and production activities and to the Company as set forth in the Company's Annual Information Form filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.
SOURCE SantaCruz Silver Mining Ltd.
For further information: Neil MacRae, Santacruz Silver Mining Ltd., Email: [email protected], Telephone: (604) 569-1609