Acquisition
May 28 2009 - 2:01AM
UK Regulatory
TIDMHOC
RNS Number : 9268S
Hochschild Mining PLC
28 May 2009
28 May 2009
Hochschild acquires full ownership of its Moris mine in northern Mexico
Hochschild Mining plc ("Hochschild") is pleased to announce that it has
exercised its right of first refusal to purchase the remaining 30% interest in
the Moris mine from its JV partner EXMIN Resources Inc., for a total cash
consideration of $1.5 million. The transaction consolidates Hochschild's
position in northern Mexico and further exemplifies the Group's selective
acquisition strategy.
The Moris mine commenced production in August 2007 and in 2008 produced 65.07
thousand ounces of silver and 26.85 thousand ounces of gold. Hochschild is the
mine operator and continues to explore the property which currently has reserves
of 86.3 thousand gold equivalent ounces and resources of 129.2 thousand gold
equivalent ounces.
Miguel Aramburú, Chief Executive Officer of Hochschild Mining plc, commented:
"We are delighted to have acquired full ownership of the Moris mine, our open
pit operation in northern Mexico. This is in line with our strategy of securing
bolt-on acquisitions and strategic investments in key mining districts. We have
already made significant progress this year with the acquisition of 15% of Gold
Resource Corporation and 100% of Southwestern Resources Corp. We will continue
to pursue opportunities which we believe will deliver long term shareholder
value."
Enquiries:
Hochschild Mining plc
Isabel Lutgendorf +44 (0)20 7907 2934
Head of Investor Relations
Finsbury
Robin Walker +44 (0)20 7251 3801
Public Relations
About Hochschild Mining plc:
Hochschild Mining plc is a leading precious metals company listed on the London
Stock Exchange (HOCM.L for Reuters / HOC LN for Bloomberg) with a primary focus
on the exploration, mining, processing and sale of silver and gold. Hochschild
currently operates five underground epithermal vein mines, four located in
southern Peru, one in southern Argentina, one open pit mine in northern Mexico
and numerous long-term prospects throughout the Americas. Hochschild has over
forty years experience in the mining of precious metal epithermal vein deposits.
For further information please visit www.hochschildmining.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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