Esperanza Signs Definitive Agreement to Sell San Luis Joint Venture to Silver Standard
05 July 2011 - 10:00PM
Marketwired
Esperanza Resources Corp. (TSX VENTURE: EPZ)(PINK SHEETS: ESPZF) is
pleased to announce that it has signed a definitive agreement and
received shareholder approval to transfer its 30% interest in the
San Luis joint venture in Peru to Silver Standard Resources Inc.
(TSX: SSO)(NASDAQ: SSRI).
Consideration for the sale is:
-- C$17 million,
-- The return of 6,459,600 shares of Esperanza owned by Silver Standard
(which Esperanza will cancel), and
-- A 1% net smelter returns royalty on all future production at the San
Luis project.
Final closing documentation is being prepared and the sale is
anticipated to be closed by July 15th, 2011.
About Esperanza
Esperanza is focused on advancing the development of its
principal property, the wholly-owned Cerro Jumil gold project in
Morelos State, Mexico. It is also actively investigating 11 other
exploration interests in Peru and Mexico. In October of 2010 it
announced a strategic investment which resulted in a 35% interest
in Global Minerals Ltd. (TSX VENTURE: CTG), majority owner of the
Strieborna silver/copper/antimony project in Roznava, Slovakia.
SAFE HARBOR: Some statements in this release are forward-looking
in nature. The United States Private Securities Litigation Reform
Act of 1995 provides a "safe harbor" for certain forward-looking
statements. Such statements include statements as to the potential
of the Pucarana property, the ability to finance further
exploration, permit drilling and other exploration work, and the
availability of drill rigs.
The forward-looking statements involve risks and uncertainties
and other factors that could cause actual results to differ
materially, including those relating to exploration and bringing
properties into production. Please refer to a discussion of some of
these and other risk factors in Esperanza's Form 20-F filed with
the U.S. Securities and Exchange Commission. The forward-looking
statements contained in this document constitute management's
current estimates as of the date of this release with respect to
the matters covered herein. Esperanza expects that these
forward-looking statements will change as new information is
received and that actual results will vary, possibly in material
ways. Forward-looking statements are based on the beliefs,
expectations and opinions of management on the date the statements
are made, and the company does not assume any obligation to update
forward-looking statements if circumstances or management's
beliefs, expectations or opinions should change. For these reasons,
investors should not place undue reliance on forward-looking
statements.
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Esperanza Resources Corp. Bill Pincus President and
CEO Toll Free: 1-866-890-5509 info@epzresources.com
www.epzresources.com
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