First Asset Morningstar Emerging Markets Composite T.EXM.A

HOC opts to buy Moris 30% interest

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Exmin Resources sells 30% stake in Moris Gold-Silver Mine to Hochschild Mining

Exmin Resources (TSXV: EXM) confirmed that London listed Hochschild Mining (LSE: HOC) had exercised its right of first refusal to purchase Exmin Resource’s 30% interest in the Moris Mine Project.  

Exmin Resources and Hochschild Mining originally acquired the project on a 30/70 basis.  The Moris Mine is a gold-silver mine located only 15 kilometers west of the Ocampo Mine in Chihuahua state, Mexico.  Hochschild is paying US$1.5 million plus 15% value added tax for the 30% stake.

Karl Boltz, President & CEO stated, "The net proceeds from the sale of the mine will assist EXMIN to recapitalize the Company in a challenging capital financing environment. The Moris mine has not produced any benefit to EXMIN shareholders. The capital raised in the sale of the mine will allow the Company to advance its other projects as Management continues to explore numerous strategic opportunities for the Company."

[BamBamBandito]

An Exmin shareholder contemplates what could have been had they invested in the right company.....