Canada-based VanGold Mining has signed a definitive asset purchase agreement to acquire the El Cubo mine in Mexico from Endeavour Silver for $15 million.

The El Cubo silver-gold mine and mill complex are located 8km northeast of VanGold Mining’s El Pinguico silver-gold project.

James Anderson – VanGold Mining Chairman and CEO said: “Everyone at VanGold is excited to be completing the Endeavour Agreement and looks forward to welcoming Endeavour as our largest shareholder.

“Immediately after closing, we will focus all our attention on refurbishing the El Cubo mill in order to begin processing mineralized material later this year.”

VanGold Mining, as part of the El Cubo Complex deal, will also acquire the El Cubo floatation mill, and nearly 7,000 hectares of prospective mining concessions located near El Cubo and within the greater Guanajuato mine area.

The Canadian miner said that in the coming months plans to refurbish the El Cubo mill and commence processing resources from its El Pinguico and El Cubo properties starting from Q4 2021, ramping up to a throughput of around 750 tonnes per day.

Ramon Davila – VanGold Mining advisory board member said: “With this acquisition VanGold can readily combine the El Cubo and El Pinguico assets to create Mexico’s newest silver and gold producing company. The availability of mineralized material from El Pinguico’s historic stockpiles and El Cubo’s current resources, as well as a new approach from management, gives us great flexibility in deciding where to source material for the mill, and how to sequence that throughput.

“As a graduate of the University of Guanajuato School of Mines, it is very satisfying to see both of these past producing mines returning to operating status, and taking their rightful place within the Guanajuato mining district that has been the source of so many successful mining operations.”

VanGold Mining expects to close the acquisition of the El Cubo Complex by the end of this month.

  El Cubo Complex, Endeavour Silver, James Anderson, Mexico, Ramon Davila, VanGold Mining