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Santacruz closes US$2.5M sale of El Gachi silver property to First Majestic

Santacruz Silver Mining Ltd. completed the sale of its interest in the El Gachi silver property in Sonora, Mexico, to First Majestic Silver Corp. for a total of US$2.5 million plus value-added tax.

The company used the proceeds to repay US$750,000 in interest-bearing debt owed to JMET LLC, leaving a noninterest balance of US$1.5 million.

Santacruz paid US$500,000 plus VAT to Minera Hochschild Mexico SA de CV and has no further obligations to the firm.

The transaction is part of the company's strategic initiative to divest noncore assets and focus on its producing assets, which include the Rosario and Veta Grande silver projects in Mexico, Santacruz President and CEO Arturo Préstamo said in a March 28 release.

Earlier in the month, Santacruz agreed to option a 100% interest in San Felipe silver-zinc-lead property, also in Mexico, to Americas Silver Corp. for US$15 million.