surfer44
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Silvercorp Reports on El Domo Project Development Progress and Awarding the First Construction Contract
January 07 2025 - 8:00AM
PR Newswire (US)
Silvercorp Metals Inc. (CNW Group/Silvercorp Metals Inc)
Trading Symbols: SVM (TSX/NYSE American)
SRL (TSXV), SRLZF (OTCQB)
VANCOUVER, BC, Jan. 7, 2025 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM), its Ecuadorian subsidiary Curimining S.A. ("Curimining"), and Salazar Resources Limited ("Salazar", together with Silvercorp and Curimining, the "Companies"), are pleased to provide a progress report on the El Domo Project (the "Project"). The Companies are still targeting to bring the Project into production in the second half of 2026 and have recently awarded the earthworks contract to a large international mining contractor with over 10 years of experience working in Ecuador (see below).
Progress Report
Since Silvercorp completed its acquisition of Adventus Mining Corporation ("Adventus") by way of a plan of arrangement on July 31, 2024, the Companies have made substantial progress in advancing the Project, highlights include:
a.
Streamlined the Ecuadorian Operations: Optimized the organization chart by moving the management team and personnel to the El Domo and Condor project sites from the Quito office, and by initiating the winding down or transfer of most of the non-core regional projects.
b.
Continued Community Engagement: Maintained open lines of communication with local communities and government representatives, keeping them informed of changes in the Project ownership and leadership, as well as on construction plans.
c.
Advanced Detailed Engineering:
a)
Reviewed the previous technical work, including interviewing all consulting firms to confirm all previous studies and detailed engineering designs for optimization;
b)
Optimized design with Klohn Crippen Berger (KCB) for the Tailing Storage Facilities (TSF), starter dam and impound area, Saprolite Waste Dump (SWD), and non-contact water channels;
c)
Selected a new site for the process plant so that its preparation will provide the required non-acid generating rocks for the construction of the starter dam of the TSF, while minimizing trucking distances;
d)
Optimized open pit mine design for mining, stripping, and scheduling, and coordinated the mining schedule with ongoing tailings dam raises using stripped waste rock;
e)
Commenced metallurgical test work on selective flotation – potentially leading to higher recoveries and improved payabilities (see Silvercorp's August 21, 2024 press release); and
f)
Started Detailed Engineering Design (EP) for the process plant, including engaging a consulting engineer, equipment selection, purchasing and detailed engineering drawings.
d.
Advanced Project Infrastructure:
a)
Optimized designs for a new public bypass road and internal operational haul roads;
b)
Executed a powerline contract with the Ecuadorian state-owned power company (CNEL EP). The construction contractor will be selected once the updated engineering design is completed; and
c)
Commenced permitting for standby diesel power generation for the dry season, as climate change has impacted the power supply situation in Ecuador.
e.
Produced Project Materials Balance: including total cubic metres of cutting, filling, cement, and amount of high-density polyethylene material, and bill of quantities for the major construction projects of the mine and process plant, which are divided into three bidding packages:
a)
Bid Package 1: Construction of temporary camp, TSF to starter dam phase, SWD, non-contact water channels, internal haul roads, and preparation of the process plant site and permanent camp site;
b)
Bid Package 2: Mining, stripping and ongoing tailings dam raises using stripped waste rocks; and
c)
Bid Package 3: Construction of the process plant, tailings discharge and back water systems, water treatment plants, permanent camp, and other site infrastructure.
f.
Adopted "Unit Cost" Criteria (as compared to "Open Book") for potential contractors to bid on the three construction packages outlined above. For example, "Unit Cost" for blasting or cutting one cubic metre of rock or saprolite, then loaded and trucked to, within two kilometres, shall include all personnel and management cost, plus any profit contractor intends to have for the work. Monthly total payments will be based on measured cubic metres of cutting.
Award of Commercial Contract for Bid Package 1
The Companies invited three mining contractors with operations at Ecuadorian mining or construction sites, and the forth contractor which Curimining had engaged previously, and the Companies received a total of four bids based on the "Unit Cost" criteria.
After interviews, visiting their current operating sites in Ecuador, and considering the total bid price, the Companies have awarded Bid Package 1 to CRCC 14 Bureau Group CO., Ltd., a company with a regional headquarters in Quito and over ten years operating experience in Ecuador building infrastructure in open pit mines and in the heavy civil construction sectors.
The Companies plan to award Bid Packages 2 and 3 in Q1 2025 to ensure the project stays on schedule to start production in the second half of 2026.
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cashflow from long-life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) a long-term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorpmetals.com.
About the El Domo Project
El-Domo is a high-grade copper-gold project located in Central Ecuador, approximately 150 km northeast of the major port city of Guayaquil – about a 3-hour drive. The project concessions span low-lying hills and plains between 300 to 900 masl. El Domo is a flat-lying tabular shaped VMS deposit, with mineralization beginning at 30 metres from surface and dimensions of approximately 800 x 400 metres. Three well-maintained gravel roads provide direct site access to El Domo.
For further information:
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
surfer44
6 월 전
Update on the Acquisition of Adventus Mining Corporation
July 05 2024 - 6:25PM
PR Newswire (US)
VANCOUVER, BC, July 5, 2024 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) today provided an update regarding its proposed acquisition of Adventus Mining Corporation ("Adventus").
As announced in the Company's April 26, 2024 news release, the Company has entered into an arrangement agreement (the "Arrangement Agreement") with Adventus pursuant to which the Company agreed to acquire all of the issued and outstanding common shares of Adventus by way of a plan of arrangement, subject to the satisfaction of certain conditions (the "Transaction"). One of those conditions is the absence of any Material Adverse Effect (as defined in the Arrangement Agreement") in respect of Adventus. The Company has determined that such a Material Adverse Effect has arisen.
The Material Adverse Effect arises from the litigation referred to in the Adventus news release of June 17, 2024, which seeks to void the environmental licence of the Curipamba-El Domo project. Since we became aware of this litigation and brought it to the attention of Adventus some weeks ago, Silvercorp has made continuous, diligent efforts to understand and analyze the litigation and its implications. As a result of the analysis Silvercorp has done, and having taken advice from its legal and other advisors, Silvercorp reached the conclusion that this litigation presently constitutes a Material Adverse Effect, as defined in the Agreement, in respect of Adventus.
The Company will continue to monitor and evaluate the litigation and its surrounding circumstances and remains open to working cooperatively with Adventus with a view to closing the Transaction if the conditions to closing for the benefit of the Company can be satisfied.
The Arrangement Agreement specifies a deadline of July 31 for the satisfaction of all conditions to closing. Silvercorp has expressed to Adventus its willingness to discuss extending this deadline.
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cashflow from long-life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) a long-term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorpmetals.com.
For further information:
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
surfer44
7 월 전
NEWS RELEASE
Helen Cai Joins Silvercorp Board
VANCOUVER, British Columbia – February 7, 2024 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE American: SVM) today announced the appointment of Helen Cai to its Board as an independent director.
Ms. Cai is a finance and investment professional with over two decades of experience, she is extensively versed in capital markets and all aspects of corporate finance from strategic planning to M&A transactions. Ms. Cai is currently an independent director of Barrick Gold Corporation and Largo Inc., and most recently worked as a managing director with China International Capital Corporation until the spring of 2021. Prior to this, Ms. Cai worked as a research analyst with the Goldman Sachs Group covering American mining and technology sectors and was highly ranked by the StarMine analyst ranking service. As a lead research analyst at China International Capital Corporation, Ms. Cai was ranked as Best Analyst by Institutional Investor and Asia Money in their China Research Sector Polls for multiple years when covering Hong Kong and China- listed companies. The landmark cross-border financing and M&A transactions she led subsequently as a senior investment banker also won various awards from Asia Money and The Asset. Ms. Cai is a Chartered Financial Analyst and Chartered Alternative Investment Analyst and was educated at Tsinghua University in China and the Massachusetts Institute of Technology in the United States, where she received two master’s degrees and multiple fellowship awards.
Silvercorp’s CEO and Chair, Dr. Rui Feng stated: “We are very pleased to welcome Ms. Cai to our Board. Helen is a distinguished finance and investment professional and brings a wealth of knowledge and expertise in capital markets, strategic planning, and M&A to our organization. We look forward to her valuable contributions in our ongoing merger and acquisition efforts to unlock value for our shareholders.”
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company’s strategy is to create shareholder value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorpmetals.com.
For further information
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
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