Mr. Chris Wright reports
DEFIANCE SUCCESSFULLY RESTRUCTURES OPTION TO ACQUIRE ROYALTY AT THE TEPAL PROJECT
Defiance Silver Corp. has successfully restructured the option agreement (see news release dated Dec. 17, 2020) to acquire the 2.5-per-cent net smelter return (NSR) at the Tepal gold-copper project with the project vendor, Minera Tepal SA de CV. The company is making a payment of $100,000 (U.S.) to defer all payments until June 30, 2024, at which time the remaining payment schedule will resume.
Chris Wright, chairman and chief executive officer, commented: "We want to thank Minera Tepal for their continued support and partnership as we advance the Tepal project. With approximately $10-million of cash in the bank, Defiance is well funded and we plan on continuing to advance our projects in 2023, including exploration and definition drilling in Zacatecas. Creating value for our shareholders is one of our highest priorities and, in uncertain markets, this will preserve our financial flexibility to enable us to allocate capital efficiently at the project level."
About Defiance Silver Corp.
Defiance Silver is an exploration company advancing the district-scale San Acacio deposit, located in the historic Zacatecas silver district and the Tepal gold/copper project in Michoacan state, Mexico. Defiance is managed by a team of proven mine developers with a record of exploring, advancing and developing several operating mines and advanced resource projects. Defiance's corporate mandate is to expand the San Acacio and Tepal projects to become premier Mexican silver and gold deposits.
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