Excellon Resources Inc (TSX:EXN, OTCQB:EXNRF) announced that it has finalized an agreement to acquire Minera CRC SAC, the owner of the past-producing Mallay Silver Mine and the Tres Cerros exploration property in Peru.
This deal, reached with Adar Mining Corp and Premier Silver Corp, ensures Excellon will take full ownership of Minera CRC through a court-supervised process designed to resolve prior disputes.
The Mallay Mine, previously operated by Buenaventura from 2012 to 2018, has seen US$115 million in past investment and produced an average of 1.3 million ounces of silver annually during its peak years. The mine went into care and maintenance in 2018 due to low silver prices at the time.
“Today’s announcement provides certainty in our acquisition of the past-producing Mallay Mine, previously operated by Buenaventura,” Excellon CEO Shawn Howarth said in a statement.
“We are executing on an aggressive plan to return to…
