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Hochschild Mining PLC on Wednesday said that it has given notice to Skeena Resources Ltd to terminate its option in the Snip gold project in Canada. Hochschild is a London-based, South America-focused precious metals company, committed to the exploration, mining, processing and sale of silver and gold. It gave notice to Skeena via its wholly-owned subsidiary, Hochschild Mining Canada Corp, to terminate its option to earn-in a 60% interest in the Snip project in the Golden Triangle of British Columbia, Canada. As a result, Hochschild has no liability to complete the aggregate expenditure requirement. It has also confirmed to Skeena that it has satisfied the minium annual expenditure requirement for the 12 months beginning October 14. As a result, it doesn’t owe a cash payment to Skeen under the terms of the agreement. ‘We would like to express our gratitude for the support we have received from the Tahltan Nation, the British Columbia Government, employees and suppliers during our one and a half years working at the Snip gold project. We enjoyed working in Canada but are currently focusing our capital on later-stage projects in the portfolio, notably the Mara Rosa project in Brazil, which remains on time and on budget,’ said Chief Executive Officer Ignacio Bustamante. Hochschild Mining shares were trading 2.6% higher at 86.35 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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