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Agnico Eagle closes acquisition of Mexican gold project from Sonoro Metals

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Agnico Eagle closes acquisition of Mexican gold project from Sonoro Metals

Agnico Eagle Mines Ltd. closed the C$4 million acquisition of Sonoro Metals Corp.'s Chipriona gold project in Mexico, according to a Dec. 22 statement.

The deal was agreed upon earlier in December between Agnico Sonora SA de CV and Sonoro Metals' wholly owned Mexican subsidiary, Minera Mar de Plata SA de CV.

The consideration will be paid in three installments, and the first C$650,000 tranche has been paid by Agnico Eagle.

As part of the deal, Sonoro will retain a 1% net smelter return royalty, which may be purchased by Agnico at any time for C$1.5 million.