• Silver One Resources Inc. (TSXV:SVE) has acquired 100 per cent of the Candelaria project in Nevada
  • Silver One issued US$3,100,000 of common shares to SSR Mining over a three-year period and assumed an US$2,491,757 reclamation bond filed with the BLM
  • Before its acquisition of past-producing Candelaria silver mine project, the company and SSR Mining agreed to extend the option end date and the company agreed to issue 250,000 common shares to SSR Mining
  • Silver One Resources Inc. (SVE) opened trading at $0.34 per share

Silver One Resources Inc. (TSXV:SVE) has acquired 100 per cent of the Candelaria project in Nevada.

To obtain its total interest, Silver One issued US$3,100,000 of common shares (being 10,424,374 common shares) to SSR Mining over a three-year period from 2017 to 2020 and assumed an US$2,491,757 reclamation bond filed with the BLM.

Before its acquisition of past-producing Candelaria silver mine project, the company and SSR Mining agreed to extend the option end date and the company agreed to issue 250,000 common shares to SSR Mining.

Silver One’s President and CEO, Greg Crowe, commented that securing the complete interest in Candelaria represents a major milestone in the company’s history.

“Candelaria was a former producer, with Kinross Gold operating the open-pit mine up until 1997. Historically it produced over 60 million ounces of silver. Operations were shut down due to a major drop in silver prices to under US$5.00 per ounce and the property was sold to SSR Mining. Silver One entered into an agreement with SSR Mining in 2017, giving Silver One the ability to acquire a 100 per cent interest in the project. Silver One is now poised to advance the project and continue evaluating the potential to bring the operation back into production. Silver One is currently updating the historical resource estimate to a current resource and completing metallurgical studies with the aim of completing an economic study. The property also hosts significant exploration potential for silver, gold and copper.”

Silver One is focused on the exploration and development of quality silver projects. The miner recently closed its non-brokered private placement financing of 23,809,524 common shares at a price of $0.21 per share for aggregate gross proceeds of $5 million. Click here to read more.

Silver One Resources Inc. (SVE) opened trading at $0.34 per share.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

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