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Message: san luis deal to be finalized by july 15

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aitakahashi

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san luis deal to be finalized by july 15

posted on Jul 05, 11 10:18AM (Log in to use the IP Check tool) ^[?]

the deal makes sense for both parties. the remaining interest in san luis was worth more to silver standard than anyone else, and esperanza will need the cash to advance its other projects.

Esperanza Resources Corp. (TSX-V:EPZ - News)(PINK SHEETS:ESPZF - News) is pleased to announce that it has signed a definitive agreement and received shareholder approval to transfer its 30% interest in the San Luis joint venture in Peru to Silver Standard Resources Inc. (TSX:SSO - News)(NASDAQ:SSRI - News).

Consideration for the sale is:

 

--  C$17 million,
--  The return of 6,459,600 shares of Esperanza owned by Silver Standard
    (which Esperanza will cancel), and
--  A 1% net smelter returns royalty on all future production at the San
    Luis project.