Silver Dollar signs agreement to buy First Majestic project

Shares in Canada-based junior Silver Dollar Resources surged 32% on Friday, after the company announced a letter of intent (LoI) to acquire First Majestic Silver’s La Joya silver/copper/gold project, in Durango, Mexico.

Silver Dollar has the option to earn an initial 80% interest following the exercise of which it may earn an additional 20% for an aggregate 100% interest in the La Joya property, which consists of 15 mineral concessions totalling 4 646 ha.