Fortuna Silver’s Mining Concessions Protected by Court

Fortuna Silver sees its mining concession protected by court. Francisco Quiroga opens the market. Prime Mining secures Los Reyes and SilverCrest showcase good news at Las Chispas. Read this and more in your weekly roundup!

Fortuna Silver’s Mining Concessions Protected by Court

Mexican authorities were prevented from cancelling the San Jose mine concession in Oaxaca. A court ordered stay of execution until it makes a decision on the cancellation procedure regarding disputed royalties and reviews its legality.

The Mexican Geological Service (SGM) sent word to Fortuna Silver in 2017 that a previous owner had granted them a 3 percent billing value royalty of minerals obtained in the mine. Fortuna initiated a legal case against the government’s General Management of Mines (DGM) to remove the royalty. In turn DGM sought to cancel the concession. According to Fortuna, DGM wish to receive US$30 million, as well as the value-added tax. If Fortuna is unsuccessful in court, it may be required to pay the royalty or risk losing the concession.

Mexican Mining Delegation Opens Stock Exchange

Mexico’s Undersecretary of Mining was joined by Dean McPherson from TMX Group to open the market. At the moment, there are a 126 mining companies in Mexico, with 366 properties listed on the Toronto Stock Exchange. Together, they raised approximately US$801 million in equity capital over the course of 2019.

Canada’s Prime Mining Secures Rights at the Los Reyes project

The company has secured the surface rights for the gold-silver project for 15 years. Exploration, engineering, construction and commercial operations are now all in the cards, as well as an option to extend the rights for 15 years. Although the company has to hike up its payments to the Ejido as well as to local families, Prime’s shares are up and the company is looking toward a strong continuation of 2020.

SilverCrest Metals Anounce Increased Recoveries from Las Chispas Feasibility Study

The company reports good news from its Sonoran project regarding its feasibility study, showcasing an increased recovery of 3.4 percent AgEq over the previous metallurgical test results.

In other news:

Chesapeake Gold Aims to Acquire Gold-Silver Project near Tayoltita

MAG Silver Corp. Discovers Two New Veins at Juanicipio