Esperanza and Pan American Silver Announce transaction to transform Esperanza into a multi-mine precious metals producer.
Esperanza Resources is an emerging precious metals producer focused on advancing its 100% owned Esperanza gold project into production.
The Esperanza gold project, formerly referred to as “Cerro Jumil”, is a high margin gold deposit in Morelos, Mexico, with a resource of 1.5 million ounces of gold and 16 million ounces of silver. With its attractive low cost, open pit heap leach production profile, the mine is expected to produce over 100,000 ounces of gold annually. There is strong community support for the project as well as superior access to infrastructure, materials and skilled labour from nearby communities. The Company is well financed to bring the Esperanza gold project through its permitting and detailed engineering phase, with production and cash flow expected by early 2015. Esperanza is led by the former management team of Minefinders Corp., who successfully developed and operated the open pit heap leach Dolores gold project in Mexico before Minefinders was acquired by Pan American Silver in early 2012 for $1.5 billion. Esperanza is focused on profitable growth as it transitions from exploration into a gold producing company, with a longer term vision of becoming a multi-asset precious metals producer.