By Deborah Bacal
Proactive Investors
Endeavour Silver Corp. (NYSE:EXK) (TSE:EDR) has agreed to buy the La Bufa property next to its existing exploration assets in the Guadalupe y Calvo gold-silver district in Mexico from Lincoln Mining.
In exchange, Endeavour will issue 90,000 common shares on or before September 19, less that number of shares equal to an amount of US$19,000 plus 5 percent interest advanced by Endeavour on July 29. The property remains subject to a 2 percent net smelter return royalty on mineral production payable to a subsidiary of Almaden Minerals, Endeavour said.
La Bufa, which covers 2,311 hectares along the El Rosario vein system which produced about 2 million ounces of gold and 28 million ounces of silver according to government records, surrounds the historic El Rosario mine owned by Endeavour. As a result, the property is surrounded by additional Endeavour assets totaling some 54,872 hectares.