Sierra Madre Gold and Silver (TSXV: SM; OTCQX: SMDRF) expects to start mining and producing silver and gold concentrate from its fully permitted, past producing La Guitarra mine in Mexico’s Silver Belt this summer. Earlier this month, the company announced a US$5 million loan from First Majestic Silver, expected to finance the company through to a formal production decision for La Guitarra. Proceeds from the two-year, 15% per annum loan are expected to be used for finalizing preparations at the mine, including for advancements to the facilities, equipment and infrastructure at the site. The brownfields site was previously operated by (and acquired from) First Majestic – the silver major is Sierra Madre’s single largest shareholder (44.9%). Institutions own 12.9%, Management & Founders hold 24.8%, Retail and High Net Worth own 17.4%.
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