Silver X Mining to acquire Revenue-Virginius Mine assets in Ouray, Colorado out of receivership

2 minute read
14 April 2023

On April 14, 2023, Silver X Mining Corp. (TSXV: AGX) (OTCQB: AGXPF) (F: AGX) ("Silver X" or the "Company") entered into an asset purchase agreement to acquire the Revenue-Virginius Mine ("RV Mine") and certain related assets located in the San Juan Mountains in Colorado from Alliance Management LLC, as receiver under a court supervised receivership in Ouray County, Colorado. Subject to the approval of the District Court, the assets will be acquired for aggregate consideration of US$4.5 million.

The acquisition is expected to close during the second quarter of 2023 subject to customary closing conditions including receipt of all required regulatory approvals, including, without limitation the TSX Venture Exchange and the approval of the District Court.

Silver X is a rapidly-expanding silver developer and producer. The Company owns the 20,000-hectare Nueva Recuperada Silver District in Peru and produces silver, gold, lead and zinc from its Tangana Project, also in Peru.

Gowling WLG is counsel to Silver X with respect to this acquisition with a team that includes France Tenaille (mining and M&A), Ian Mitchell (securities), and Tara Amiri and Brett Kagetsu (corporate and other M&A matters) and Virginie Gauthier (insolvency).

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