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Article: Silvercorp Acquires TLP Silver-Lead Mine Near the Ying Silver Project, Henan Province, China
- Article from:
- CCNMatthews Newswire
- Article date:
- December 4, 2007
CopyrightCopyright 2007 CCNMatthews Newswire. Provided by ProQuest LLC. (Hide copyright information)
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 4, 2007) -
Silvercorp Metals Inc. ("Silvercorp") (TSX:SVM) is pleased to
announce that its 77.5% owned joint venture company, Henan Found
Mining Co. Ltd. ("Henan Found"), has successfully concluded a
contract to acquire 100% of the TLP Silver-Lead Mine ("TLP Mine") by
paying $11 million plus assuming debts, obligations and winding down
of certain leasing agreements for approximately an additional $9
million. The acquisition will be funded by Henan Found's cash on
hand.
The TLP Mine is located 9.5 kilometres (km) east of the SGX mine
of the Ying project and borders the recently acquired LM Silver Mine
to the south. The TLP Mine operates under a ...