28th May 2009 07:00
28 May 2009
Hochschild acquires full ownership of its Moris mine in northern Mexico
Hochschild Mining plc ("Hochschild") is pleased to announce that it has exercised its right of first refusal to purchase the remaining 30% interest in the Moris mine from its JV partner EXMIN Resources Inc., for a total cash consideration of $1.5 million. The transaction consolidates Hochschild's position in northern Mexico and further exemplifies the Group's selective acquisition strategy.
The Moris mine commenced production in August 2007 and in 2008 produced 65.07 thousand ounces of silver and 26.85 thousand ounces of gold. Hochschild is the mine operator and continues to explore the property which currently has reserves of 86.3 thousand gold equivalent ounces and resources of 129.2 thousand gold equivalent ounces.
Miguel Aramburú, Chief Executive Officer of Hochschild Mining plc, commented:
"We are delighted to have acquired full ownership of the Moris mine, our open pit operation in northern Mexico. This is in line with our strategy of securing bolt-on acquisitions and strategic investments in key mining districts. We have already made significant progress this year with the acquisition of 15% of Gold Resource Corporation and 100% of Southwestern Resources Corp. We will continue to pursue opportunities which we believe will deliver long term shareholder value."
Enquiries:
Hochschild Mining plc
Isabel Lutgendorf +44 (0)20 7907 2934
Head of Investor Relations
Finsbury
Robin Walker +44 (0)20 7251 3801
Public Relations
About Hochschild Mining plc:
Hochschild Mining plc is a leading precious metals company listed on the London Stock Exchange (HOCM.L for Reuters / HOC LN for Bloomberg) with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild currently operates five underground epithermal vein mines, four located in southern Peru, one in southern Argentina, one open pit mine in northern Mexico and numerous long-term prospects throughout the Americas. Hochschild has over forty years experience in the mining of precious metal epithermal vein deposits. For further information please visit www.hochschildmining.com
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