(Kitco News) - Great Panther Mining (OTCPK: GPLDK) announced Wednesday that it has entered into an agreement with Newrange Gold to sell to Newrange the Coricancha mine in Peru.
Under the terms of the agreement, Newrange will acquire Great Panther's subsidiaries that together own Great Panther Coricancha S.A.C. for a total purchase price of US$750,000 payable in cash.
Coricancha, located in the central Andes of Peru approximately 90 kilometres east of Lima, is a past producing mine which the company acquired in June 2017 and has remained in care and maintenance since then.
The company said that Coricancha holds many of the licenses and permits necessary to re-start operations; all valid and in good standing. The project includes an operational 600 tonne per day flotation and gold BIOX® bio-leach plant along with supporting mining infrastructure.
"Completion of the transaction is subject to certain closing conditions including, but not limited to, the approval of the Supreme Court of British Columbia required to be obtained in connection with the company's ongoing restructuring proceedings and receipt by Newrange of the approval of the TSX Venture Exchange," the company noted in its news release.
Great Panther Mining is a precious metals producer focused on the operation of the Tucano gold mine in Brazil where the company controls a land package covering nearly 200,000 hectares in the prospective Vila Nova Greenstone belt.
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