Salazar Resources Announces Purchase of Ecuadorian Exploration Properties from Silvercorp Metals Inc.

Core Viewpoint - Salazar Resources Limited has entered into a binding agreement to purchase exploration properties in Ecuador from Silvercorp Metals Inc., aiming to enhance its ownership and operational capabilities in the region [1][3]. Transaction Details - The agreement involves the transfer of shares from two Ecuadorian subsidiaries of Silvercorp to Salazar, which includes several mineral exploration properties in exchange for net smelter return (NSR) royalties [2]. - Specific terms include: - Santiago Project: 1.5% NSR royalty with a $3 million repurchase option [2]. - Pijilí Project: 1.5% NSR royalty with a $1 million option to repurchase 1% NSR [2]. - Tarqui Project: 1.5% NSR royalty with a $1 million option to repurchase 1% NSR [2]. - La Canela Project: 1.5% NSR royalty with a $1 million option to repurchase 1% NSR [2]. Ownership and Strategic Implications - Salazar currently holds a 20% stake in the Santiago and Pijilí projects, and this transaction will provide full ownership of these properties, which were previously under an Exploration Alliance agreement [3]. - The completion of the transaction is anticipated in the first quarter of 2025, subject to final agreements and customary closing conditions [3]. Company Background - Salazar Resources is focused on value creation through exploration and development in Ecuador, with a strong understanding of local geology and a history of significant project discoveries [4]. - The company has a portfolio of copper-gold exploration projects and aims to make further commercial discoveries while engaging with local communities [4][5].