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First Majestic exercises earn-in over Evrim's Ermitaño, Cumobabi properties

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First Majestic exercises earn-in over Evrim's Ermitaño, Cumobabi properties

First Majestic Silver Corp. agreed to exercise the option agreements with Evrim Resources Corp. for the Ermitaño gold-silver and Cumobabi copper properties in Sonora, Mexico.

First Majestic completed its 100% earn-in for both properties by paying Evrim US$1.5 million in cash and granting the latter a 2% net smelter royalty for Ermitaño and a 1.5% NSR for Cumobabi, according to a Sept. 10 press release.

The companies also settled arbitration proceedings that First Majestic started in April over the requirements to exercise the Ermitaño option.