Vancouver — Silver Wheaton (SLW-T, SLW-N) is dipping into the silver deposit basket again, this time pulling out an 11% interest in Mines Management (MGT-T, MGN-X) for a purchase price of US$10 million.
In the transaction, Silver Wheaton acquired 2.5 million common shares of the junior, at US$4 per share, as well as a right of first refusal over any silver stream sales by Mines Management from any of its projects in Montana.
The junior’s flagship project is Montanore, a 100%-owned stratabound sediment-hosted silver-copper deposit in northwestern Montana. Montanore hosts measured and indicated resources of 73.9 million tonnes grading 70 grams silver per tonne and 0.75% copper, as well as inferred resources of 31.8 million tonnes grading 63.4 grams silver and 0.71% copper.
Silver Wheaton now holds a stake in six significant silver projects. The silver major holds silver stream agreements with Goldcorp (G-T, GG-N) regarding the Penasquito project and with Goldcorp subsidiary Luismin on the San Dimas property. And with the new addition, Silver Wheaton sits as the major shareholder in four other companies with major silver projects: Revett Minerals (RVM-T, RVMIF-O), Sabina Silver (SBB-V, SBBFF-O), Bear Creek Mining (BCM-V, BCEKF-O), and now Mines Management.
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