Silvercorp acquires High Grade XHP Silver-Gold-Lead-Zinc Property in Luoyang, Henan Province, China
Wednesday, 23 November 2011 10:18
Silvercorp Metals Inc. announced that through its 77.5% own subsidiary Henan Found Mining Co. (Henan Found), it has signed a share purchase agreement to acquire a 100% equity interest in the SX Gold Mining Company, a Luoyang City government controlled company.
SX Gold operates the XHP silver-gold-lead-zinc mine which includes a 14 square-kilometre mining permit and a 500-tonne-per-day flotation/CIL mill. The share purchase agreement was signed after Henan Found won a public tendering process arranged by the Luoyang City government to sell SX Gold.
The XHP mine is located about 120 kilometres southeast of the Company's Ying mine, a three-hour drive from both Luoyang City and the Ying mine, and six kilometres to the northwest of the XBG mine that was acquired in August 2011. In addition, SX Gold also owns the HGDG gold exploration permit of 4.45 square kilometres and owns a 51% interest in the PLS gold exploration permit covering 3 square kilometres.
