Vancouver, British Columbia--(Newsfile Corp. - December 17, 2020) - Defiance Silver Corp. (TSXV: DEF) (OTC Pink: DNCVF) ("Defiance" or the "Company") is pleased to announce that Geologix Explorations Mexico, S.A. de C.V., a subsidiary of Defiance Silver Corp., has acquired an option to repurchase the royalty on the company's Tepal project in Michoacn, Mexico from Minera Tepal, S.A. de C.V ("Minera Tepal"). The company has the option to acquire the existing 2.5% NSR from Minera Tepal over four years for total consideration of USD $4.85 million. Payments may be accelerated at the option of the purchaser.
Chris Wright, Executive Chairman & CEO, commented: "We are pleased to conclude this transaction with Minera Tepal and want to thank them for their continued support in developing the Tepal Au-Cu deposit. Acquiring an option to repurchase the NSR royalty enhances the project economics at Tepal and will enable Defiance to preserve flexibility for financing future development of the project."
Investor Relations Agreement
Defiance also announces that it has ended the investor relations consulting agreement previously announced on September 16th, 2019. Both parties have waived the thirty-day written notice period.