REDONDO BEACH, CA--(Marketwired - May 17, 2017) - SECFilings.com, a leading financial news and information portal offering free real time public filing alerts, announces publication of an article covering Golden Arrow Resources Corp. (
A Fairytale-esque Deal "It's a Cinderella story," said Golden Arrow CEO Joseph Grosso to the Northern Miner. "And we are just entering the ballroom."
Under the terms of the deal, the company will receive a 25% stake in Silver Standard's Pirquitas mine, take home US$15 million, and fast track the production of its flagship Chinchillas project in a joint venture deal. The Pirquitas mine is expected to have US$45 million to US$60 million in remaining production, while the company will still receive 25% of Chinchillas' annual production. The investment also included a US$2 million option payment to the company. Closing of this deal is expected to occur on or before May 31, 2017.
The deal was struck because the Pirquitas mine was running out of ore while the Chinchillas mine needed a partner -- making it a win-win scenario. "The deal is fantastic for Golden Arrow and it should be just as fantastic for Silver Standard," added Grosso, who said that Pirquitas can expand its mine life and preserve the value of its infrastructure, as well as the Silver Standard's skilled operations team on the ground at the mine.
More Lottery Tickets Golden Arrow will now focus its efforts on several other properties that have tremendous potential. "I call Chinchillas a lottery ticket that won," says Grosso. "But now we have several expensive [partial] lottery tickets that we have developed in the last 24 years."
The most promising of its remaining assets is the Antofalla project , which the company has budgeted US$2 million for exploration. The team aims to drill the 87 square kilometer project that has 'geological similarities' to Chinchillas during the second half of the year. On May 2, the company identified several new high potential targets and promising test results with good mineralization and the potential for new mineralization outside the known zones.
Golden Arrow's management team -- the Grosso Group -- has decades of experience in the mining industry and strong relationships with key officials in Argentina. These attributes provide a high likelihood of success when it comes to executing on these 'lottery ticket' projects as it has done in the Chinchillas project, Gualcamayo gold project, and the Navidad project that have all been partnered out with majors.
Please follow the link to read the full article: http://analysis.secfilings.com/articles/171-g...ry-tickets
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SECFilings.com Paul Archie 406-862-2242 parchie@secfilings.com
