Vancouver, British Columbia - (Newsfile Corp. – December 17th, 2020) - Defiance Silver Corp. (“Defiance” or the “Company”) is pleased to announce that Geologix Explorations Mexico, S.A. de C.V., a subsidiary of Defiance Silver Corp., has acquired an option to repurchase the royalty on the company’s Tepal project in Michoacán, Mexico from Minera Tepal, S.A. de C.V (“Minera Tepal”). The company has the option to acquire the existing 2.5% NSR from Minera Tepal over four years for total consideration of USD $4.85 million. Payments may be accelerated at the option of the purchaser.
Chris Wright, Executive Chairman & CEO, commented: ““We are pleased to conclude this transaction with Minera Tepal and want to thank them for their continued support in developing the Tepal Au-Cu deposit. Acquiring an option to repurchase the NSR royalty enhances the project economics at Tepal and will enable Defiance to preserve flexibility for financing future development of the project.”
Investor Relations Agreement
Defiance also announces that it has ended the investor relations consulting agreement previously announced on September 16th, 2019. Both parties have waived the thirty-day written notice period.
About Defiance Silver Corp.
Defiance Silver Corp. (DEF | TSX Venture Exchange; DNCVF | OTC; D4E | Frankfurt) is an exploration company advancing their district-scale San Acacio Deposit, located in the historic Zacatecas Silver District and the 100% owned Tepal Gold/Copper Project in Michoacán state, Mexico. Defiance is managed by a team of proven mine developers with a track record of exploring, advancing and developing several operating mines and advanced resource projects. Defiance’s corporate mandate is to expand the San Acacio and Tepal projects to become premier Mexican silver and gold deposits.
On behalf of Defiance Silver Corp.
Chairman of the Board
For more information, please contact: Investor Relations at +1 (604) 343-4677 or via email at email@example.com.
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This news release may contain forward-looking statements including but not limited to comments regarding timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Defiance Silver Corp. relies upon litigation protection for forward-looking statements.