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Golden Minerals Company announced on Friday it has sold its primary assets in Mexico comprising the Velardeña properties in Durango state that it briefly brought back to production.
In December, Golden Minerals brought the Velardeña mines back into production and had hoped to generate positive cash flow in the first half of this year. However, just two months later, it “We are pleased to have negotiated this cash sale for the Velardeña assets in such a timely manner. The sale will enable us to divest of our production assets and related liabilities in Mexico and allow us to focus on exploration and development, principally of our Argentina assets,” Golden Minerals CEO Warren Rehn, stated.
A 2018 preliminary assessment on El Quevar outlined the potential for a six-year mining operation producing 29 million oz. of payable silver at an average grade of 409 g/t. The PEA estimated a $45 million net present value at a 5% discount rate at a price of $16.66/oz. silver.
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