Riva Gold Corp. (TSXV:RIV) announced that it will be acquired by Wildcat Silver Corp. (TSXV:WS).
As quoted in the press release:
Wildcat has an 80%-interest in the Hermosa silver project located in Santa Cruz, Arizona. The project has a preliminary economic assessment which estimates average annual production of over 15 million ounces of silver for the first five years and a 16 year mine life. Metallurgical testwork is currently focused on optimizing silver recoveries and the economic recovery of the remaining by-product metals is underway. This work will be included in the pre-feasibility study expected to be completed by mid-2013.
Riva’s chairman and CEO, Richard Warke, said:
Riva has been assessing strategic alternatives for the last year and we believe this represents the best opportunity for the Company’s investors to participate in the significant potential of the Hermosa project, one of the largest undeveloped silver deposits in the US .