Silver Standard Resources Acquires Interest in AbraPlata
Silver Standard Resources Inc. (NASDAQ:SSRI) completed the purchase of a 19.9% interest stake in AbraPlata Resource Corp. (TSXV:ABRA) on April 24 through a reverse takeover between Huayra Minerals Corp. and AbraPlata.
Huayra is engaged in exploration and development activities in Argentina and owns the Diablillos gold-silver project. The advancement of the Diablillos project, together with the M-18 project, is part of an agreement the company reached with Silver Standard Resources last September. Following the agreement, Silver Standard acquired a 19.9% equity stake in Huayra, a net smelter return royalty of 1% on the Diablillos and M-18's production. The company also appointed W. John DeCooman, its vice president of business development and strategy, to Huayra’s board of directors.