03:44 PM EST - Fortuna Silver Mines Inc. : announced that Compania Minera Cuzcatlan S.A. de C.V. (wholly-owned subsidiary of Fortuna Silver Mines Inc.) and Plata Pan American S.A. de C.V. (wholly owned subsidiary of Pan American Silver Corp.) have entered into an acquisition and option agreement for the 6,254-hectare Taviche Oeste Concessions immediately surrounding the San Jose Mine in Oaxaca, Mexico. Cuzcatlan will purchase a 55% undivided interest in the Taviche Oeste Concessions for a cash payment of $4 million U.S. Once a production decision is made to develop ore from the Taviche Oeste Concessions, Cuzcatlan will purchase the remaining 45% undivided interest in the property for $6 million U.S. Plata Pan American will retain a 2.5% net smelter royalty on ore production from this property. The transaction is expected to close January 30. Fortuna Silver Mines Inc.
shares T.FVI are trading down $0.13 at $4.31.
