Vancouver-based Silver X Mining said on Friday that it would no longer acquire the Revenue-Virginius mine, in Colorado, out of receivership.
Silver X in April announced it would buy the asset from Alliance Management for $4.5-million. The company viewed the advanced-stage exploration project as a low-cost opportunity in the US.
“We have worked diligently on creating a plan for the acquisition of the Revenue mine that would generate value for all stakeholders involved,” stated Silver X president and CEO José García.
“However, there are circumstances beyond our control that have made it difficult to move forward. At this time, we are not willing to contribute further funds to the receivership process as we are not confident in the process and must ensure continued success of our core asset in Peru.
“We still believe in the viability of the Revenue mine and remain open to dialogue with local stakeholders in Ouray, Colorado, to find a mutually agreeable agreement on which to move forward on.”
Silver X believes the district has an unparalleled geological setting and remains interested in the acquisition of the assets. Silver X will continue to explore other viable options to move forward with the acquisition.