Victory Mines Limited shareholders have approved the acquisition of South American Tin Limited (SAT) via a share exchange deal which will be finalised in the coming weeks. SAT has 80% ownership of 8 early-stage Bolivian tin projects via its local subsidiary, which is working together with local co-operatives. Dr James Ellingford, Victory’s Non-Executive Chairman, commented: “We are now focused on integrating SAT into Victory and getting on with the job of developing these projects.”
The company is pressing ahead with development of a production plant at San Pedrito, which is the first of several proposed small scale processing facilities in the vicinity of the old Siglo XX mine. Initially, this will process ore from existing local co-operative underground mining operations, with the potential for production of 300tpy of tin-in-concentrate plus silver, zinc and lead.
The Siglo XX project is a historical underground tin mine and is possibly the world’s largest hard rock tin mining site. There are plans for limited exploration at the Siglo XX project via geological mapping of the main haulage adit of the mine, with an intention to follow this up with an active exploration programme.