The Federal Commission of Economic Competition (Cofece) of Mexico readies its ruling on the purchase of the La Preciosa silver project from Coeur Mining by Avino Silver & Gold.

La Preciosa is located near Avino’s existing operation in the State of Durango, Mexico.

In addition, the purchase includes a fixed consideration of approximately 34.7 million dollars and a contingent consideration of up to an additional 58.8 million dollars.

With this, the total potential consideration would be up to $93.4 million dollars, plus two royalties that together cover the entire La Preciosa land package.

Cofece

Completion of the proposed transaction remains subject to a number of customary conditions precedent, as well as authorization from Cofece.

“We expect to obtain approval from Cofece during the first quarter of 2022, approval of the issuance of the consideration per Unit and the amount of the contingent payment by the NYSE American, the Toronto Stock Exchange and any other necessary approval from third parties” said Avino Silver & Gold.

On October 27, 2021, Avino announced that it had entered into a share purchase agreement to acquire, indirectly through the purchase of the shares of certain holding companies, the La Preciosa property of Coeur Mining.

La Preciosa is a development stage mineral property, home to one of the largest undeveloped primary silver resources in Mexico.

Avino Silver & Gold is a natural resources company primarily engaged in the mining and processing of gold, silver and copper and the acquisition and exploration of natural resource properties.

In general, the main business activities of the company have been the exploration, extraction and processing of silver, gold and copper in mining properties located in the State of Durango.

The Company also has other exploration and evaluation assets in British Columbia and the Yukon, Canada.