Silver Mines acquires remaining 15% of Bowdens Project

Company News

by David Chau

Silver Mines Ltd (ASX:SVL) has announced that it now owns 100% of the Bowdens Silver Project in central NSW.

Prior to this, Silver Mines owned 85% of this project, and the remaining 15% was owned by Kingsgate Consolidated Ltd (ASX:KCN). It previously paid Kingsgate $20 million for this 85% interest.

Silver Mines has now achieved full ownership of the silver project by paying $4 million plus $92,000 in interest to Kingsgate.

The company says that this acquisition has resulted in an immediate expansion of its attributable resource base, and will allow for greater flexibility in developing and financing the project.

Silver Mines reported a net loss of $5.5 million at 30 June 2016.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.