The Canadian company will retain exposure to the
asset, though, through a royalty.
Canasil
Resources Inc. (CLZ:TSX.V) announced in a news release it agreed to sell its interest in
Sandra-Escobar in Mexico to Pan American Silver Corp.'s subsidiary Plata
Panamericana for CA$2 million and a 2% net smelter return (NSR) royalty on
the latter's stake in the project.
"This arrangement provides significant nondilutive funding to
maintain and advance our project portfolio, which includes drill-ready,
high-grade silver-gold-base metal projects in Mexico and prospective
gold-copper exploration projects in British Columbia, Canada," Canasil
CEO Bahman Yamini said in the release.
Pan American has the option to lower Canasil's 2% NSR royalty on
Sandra-Escobar to 1% at any time by paying Canasil CA$4 million.
The Sandra and Escobar properties, 200 kilometers northwest of Durango,
encompass more than 6,970 hectares of mineral concessions.
[NLINSERT]
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