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First Mining Finance completes sale of Mexican unit to Silver One Resources

First Mining Finance Corp. said Sept. 27 that the previously announced sale of its Minera Terra Plata SA de CV unit in Mexico to Silver One Resources Inc., formerly known as BRS Ventures Ltd., has been completed.

The companies signed the deal in August, and Silver One has issued 6 million common shares to First Mining as consideration for the sale. Silver One now owns Minera Terra Plata's Penasco Quemado, La Frazada and Pluton silver properties in Mexico.

First Mining has retained a 2.5% net smelter royalty over the projects, and Silver One may buy back 1.5% of the royalty for US$1 million.