GREY:GIXEF - Post by User
Post by
FabCH18on Nov 06, 2013 8:03am
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Post# 21880103
San Augustin project sold by Silver Standard
San Augustin project sold by Silver StandardBefore Tepal, Geologix focus was the San Augustin project in Mexico. They had an option with Silver Standard to purchase it after some work (they got resources estimates of around 4,7 mio ozs of AuEq without lead and zinc). Bad luck, they had to finance the purchase (34 mio$) at a time when nobody would do it just after 2008 crash... and SSR didn't accept to postpone any delay...
With just a few work on the property, Silver Standard has just sold it to Argonaut Gold for around 220 mio$ (altogether):
[url=https://www.argonautgold.com/news_events/index.php?&content_id=140][/url]
Soon after Geologix purchased Tepal. I bet Geologix management learned a lot through this painful failure and that they will get their "revenge" with Tepal next year !
Cheers,