Defiance Silver Corp. said June 13 that it signed a binding agreement to acquire MAG Silver Corp.'s Lagartos silver project in Mexico for 5 million shares, representing approximately 5% of Defiance's issued share capital.

The Lagartos project consists of 14 concessions totaling approximately 800 hectares.

Defiance will also acquire a significant regional exploration database covering 135,000 hectares that stretch from the Zacatecas to the Fresnillo silver districts in Mexico.

The deal is slated to close on or around June 22.