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News Article

Santacruz Files Zimapan 43-101 and Announces IRMA Certificate

By Alejandro Ehrenberg | Sat, 08/29/2020 - 17:40

Santacruz Silver Mining announced that it has filed an independent NI 43-101 technical report on the Zimapan property, which the company intends to purchase from Peñoles. Additionally, Santacruz reported that it received certification and recognition from the Initiative for Responsible Mining Assurance (IRMA).

Santacruz pointed out that the technical report provides a project description of the Zimapan property, located in Hidalgo. The report was prepared as part of the filings required by the TSXV in connection with the planned acquisition of the Zimapan property. It was prepared in accordance with Form 43-101F1 of standard NI 43-101. Santacruz added that the report was prepared by Van Phu Bui and Stephen de Wit, who are independent of the company, the vendor and the property.

Moreover, the company stated that it received the IRMA certification and recognition and is now preparing to be audited and reviewed in September 2020. The certification is a result of Santacruz’s efforts to strengthen its social and environmental initiatives, which led the company to undertake the IRMA certification program.

“In light of the global demand for a more socially and environmentally responsible mining and as a result of our continuous works on these important matters, we have adopted the IRMA Standard Certification as it is a perfect fit for us as a public company. The IRMA Standard is based on four principles: business integrity, social responsibility, environmental responsibility and planning for positive legacies. It offers a true independent third-party verification and certification against a comprehensive standard for our industry,” Carlos Silva, CEO of Santacruz, commented.

In an interview with Mexico Business News, Silva explained that conducting one’s business in an environmentally-responsible, socially-conscious manner has financial advantages, in addition of being good in itself. “It is very important that the Mexican mining industry seeks certifications by independent parties such as IRMA. Just like the stock exchange requires us to be 43-101 certified, society and investors demand that we be environmentally and socially certified. Having a strong corporate responsibility profile is attractive for investors and differentiates a company in the market,” he said. Silva went on to explain that in the current economic juncture, marked by high precious metal prices, mining projects have to stand out among their peers to attract capital. Favorable geological and metallurgical conditions are no longer enough. “A strong ESG profile enables us to seek support from institutional investors while the stock markets regain stability,” he concluded.

Alejandro Ehrenberg Alejandro Ehrenberg Journalist and Industry Analyst