Canadian Miner Aya Gold & Silver to Acquire $4.9M Moroccan Copper Mine

"This acquisition adds a historic mine with a significant amount of exclusive data as well as a prolific land package with tremendous potential," Aya announced in a press release. The Canadian company will pay $800,000 in cash and issue 622,728 shares to acquire this mine, which includes seven copper and silver mining permits, including five exploration permits and two operating licenses.

Upon completion of the transaction, Aya will hold a 100% interest in the Tirzzit mine, which it intends to improve, subject to the approval of the Toronto Stock Exchange and Moroccan authorities. "The acquisition of Tirzzit is in line with our objective of expanding our mineral footprint in Morocco and increasing our resources. It also provides long-term exposure to a potential new mining district in proximity to Zgounder," said Benoit La Salle, President and CEO of Aya.

He added: "Very little exploration work has been done to date on the new permits, which provides our team with the opportunity to quickly unlock value for all stakeholders. We look forward to launching an exploration program and maximizing value in the near term." Aya has a Zgounder silver mine expansion project for which it obtained $100 million in financing earlier this year.