Silver X Mining Corp. entered into an asset purchase agreement to acquire Revenue-Virginius Mine located in the San Juan Mountains near Ouray, Colorado from Alliance Management LLC for $4.5 million.

Silver X Mining Corp. (TSXV:AGX) entered into an asset purchase agreement to acquire Revenue-Virginius Mine located in the San Juan Mountains near Ouray, Colorado from Alliance Management LLC for $4.5 million on April 14, 2023. The consideration consist of $0.2 million on signing of the Agreement, $1million on closing of the acquisition $2 million upon the occurrence of (i) the earlier to occur of the transfer or re-issue of key permits or commencement of exploration drilling, and (ii) negotiation of access arrangements with Ouray County and $1.3 million upon the conditions for the immediately preceding payment having been met and the occurrence of the earlier of the completion of a current technical report, or September 30, 2024.

At Silver X's election on or before May 24, 2023, Silver X has the right to elect to pay the purchase price in full on or before May 31, 2023, and, if so elected, the purchase price will be reduced by $1 million to $3.5 million. The acquisition is subject to customary closing conditions including receipt of all required regulatory approvals, including, without limitation the TSX Venture Exchange and the approval of the District Court and expected to close during the second quarter of 2023.