A total of 19.4 hectares, located in Guanajuato, has been purchased.
Great Panther Silver Ltd. (TSX: T.GPR, Stock Forum) said it has signed a definitive agreement for the purchase of certain surface rights on its San Ignacio project in Mexico.
A total of 19.4 hectares, located in Guanajuato, has been purchased, thereby allowing sufficient space for access to and construction of a portal for the development of a ramp, for waste dumps, and for auxiliary infrastructure.
According to the press release, the surface rights agreement was signed on August 17 and the title transfer will be completed within two weeks.
The San Ignacio project has an inferred mineral resource of 6.9 million ounces of silver equivalent in 826,000 tonnes at 121 grams per tonne silver and 2.28 grams per tonne gold.
Furthermore, a total of 29,789 metres of drilling have been completed to date on the project, with recent drilling extending mineralization beyond the limits of the current resource.
Overall, with the acquisition of the surface rights, the company can now proceed with the application for permits required for the underground development.
Great Panther is a profitable, primary silver mining and exploration company.
On Monday morning, Great Panther was trading at $1.78 a share. The company has a market cap of $244.9 million, based on 138 million shares outstanding. The 52-week high and low was $3.53 and $1.53 respectively.