Great Panther Silver (TSX:GPR)(NYSE MKT:GPL)(NYSE Amex:GPL) announced Wednesday it has purchased a 100% interest in the El Horcon Silver-Gold Project in the Mexican Jalisco State.
Great Panther bought the project from Compañía Minera El Dore, S.A. de C.V., a private Mexican company, for $1,600,000 in cash.
El Horcon, a historic mining operation, covers 7,908 hectares in 17 contiguous mining concessions and is located 60 kilometres northwest of Great Panther's Guanajuato Mine Complex, within trucking distance to the company's Cata Processing Plant.
"The El Horcon Project has excellent potential to be a satellite mine for our Guanajuato Operations," stated Robert Archer, Great Panther's CEO. "We are very pleased with this acquisition as it is consistent with our strategy to acquire assets with near-term production potential in the districts where we already operate, while looking for a larger scale, stand-alone acquisition elsewhere in Latin America," added Mr. Archer.
The property, said the company, hosts nine known veins, with the Diamantillo vein traceable on surface for more than four kilometres. Several underground workings exist, the most extensive of which is the Diamantillo Tunnel.