GOLDEN MINERALS COMPANY (TSE:AUM) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02
On July 7, 2020, Golden Minerals Company (the “Company”) received written notice from Minera Hecla S.A. de C.V., an indirect subsidiary of Hecla Mining Company (“Hecla”), notifying the Company of Hecla’s election to terminate the Master Agreement and Lease Agreement, dated as of July 1, 2015, by and between Minera Hecla S.A. de C.V. and Minera William S.A. de C.V., an indirect subsidiary of the Company (as amended, the “Lease”). to the Lease, Hecla has been processing ore from its San Sebastian mine at the Company’s Velardeña oxide plant. As a result of Hecla’s early termination, the lease term will expire on November 30, 2020, rather than on the scheduled termination date of December 31, 2020. Hecla will continue to make the required monthly payments under the Lease through November 30, 2020.
About GOLDEN MINERALS COMPANY (TSE:AUM)
Golden Minerals Company is a mining company. The Company owns the Velardena and Chicago precious metals mining properties and associated oxide and sulfide processing plants (the Velardena Properties) in the State of Durango, Mexico, the El Quevar advanced exploration property in the province of Salta, Argentina, and a diversified portfolio of precious metals and other mineral exploration properties located primarily in Mexico. Its two segments include its Velardena Properties in Mexico and non-revenue producing activities, including exploration, construction and general and administrative activities. It focuses on evaluating and searching for mining opportunities in North America (including Mexico) with high precious metal grades with near term prospects of mining, and particularly properties within haulage distances of its Velardena Properties, which may include the Santa Maria Mine, the Santa Rosa vein or the Rodeo property.