Vancouver, B.C. – Santacruz Silver Mining Ltd. (TSX.V:SCZ) (“Santacruz” or the “Company”) announces that it has signed a letter of intent (“LOI”) to sell its interest in the Gavilanes Project in Durango, Mexico to an arm’s length third party gold and silver producer (the “Purchaser”). The LOI contemplates the sale to the Purchaser of 100% of the Company’s interest in the Gavilanes Project for US$3.5 million plus applicable value added tax.
Gavilanes is located approximately 110km WNW of Durango City in the municipality of San Dimas in Durango State, Mexico. The property is located within the central part of the Sierra Madre Occidental and includes 10 mining concessions covering a total area of 8,832 hectares.