Silver Standard Resources Inc. (TSX: SSO) (NASDAQ: SSRI) has entered an agreement to sell 100% of its interest in the Silvertip Project to Silvercorp Metals Inc. Silvercorp will pay a total consideration of C$15.0 million, with up to C$7.5 million payable in common shares of Silvercorp to Silver Standard Resources. The transaction is expected to take place around February 26, 2010.
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Silvertip is a silver-base metal project which Silver Standard acquired in 2002. The sale of this project is in coordination with the company’s rationalization of its portfolio of non-core assets.
Silver Standard Resources Inc. is a development stage company which is focused on the acquisition, exploration and development of silver projects. The Company has a portfolio of silver-projects, which are located in seven countries in the Americas and Australia.
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