Canarc Resource Corp. recently signed a letter of intent with Marlin Gold Mining, Ltd. to acquire all shares of Marlin’s wholly owned subsidiary company, Oro Silver Resources Ltd., which owns the El Compas Gold-Silver Mine Project in Zacatecas, Mexico.
The El Compas property is a fully permitted gold and silver mine in the heart of one of the world's most prolific silver mining districts. It has excellent road access and infrastructure with water, power and skilled labor.
“Today’s announcement marks an important step forward for Canarc in that the El Compass property is an advanced stage mining project fully permitted for mining,” Canarc Chairman and Founder Bradford Cooke said. “ Appropriate plant and tailings sites on the property were part of the permitting process. Oro Silver represents a great opportunity for Canarc to take advantage of our extensive management and board operating experience to build and operate a high-grade mine in Mexico."
As part of the agreement, Canarc will issue Marlin 19 million Canarc shares in exchange for 100 percent interest in Oro Silver.
Closing of the deal will be dependent on Canarc raising equity financing of approximately $589,553 by way of private placement. Marlin has granted Canarc exclusivity to Sept. 30 in order to complete its due diligence.
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