Apogee Minerals to buy remainder of Bolivian silver project from Golden Minerals

Apogee Minerals Ltd. (TSXV:APE) has agreed to buy out its partner in the Pulacayo silver property in Bolivia.

Apogee can earn 100 per cent of the company by issuing a total of eight million shares and $500,000 cash to Golden Minerals Co. over an 18-month period.

The Pulacayo-Paca project in southern Bolivia is Apogee’s most advanced project. It includes the property that covered the second-largest silver mine in the history of Bolivia, with over 600 million ounces of past production.

Under the existing joint venture agreement with GMC, Apogee already has the right to acquire up to a 60 per cent interest in the Pulacayo deposit and will have the right to buy up to 100 per cent under the agreement announced Tuesday.

To do so, Apogee will issue five million of its common shares upon closing of the deal and then an additional three million shares plus $500,000 in 18 months of the closing.

Apogee shares closed Monday at 11 cents per share at the TSX Venture Exchange. It had 110 million shares outstanding.

Source: AP


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