Vangold changes name to Guanajuato Silver
Vangold Mining Corp. [VGLD-TSXV; VGLDF-OTC; VAQ-FSE] said Thursday June 3 that it is changing its name to Guanajuato Silver Company Ltd. and has reserved the stock symbol GSVR with the TSX Venture Exchange.
“The name Guanajuato Silver better illustrates who we are as a company, describes the region we are active in, and defines the principal metal we anticipate that we will soon be producing,” said Daniel Oliver, a Vangold director and major shareholder.
For those who want to shorten the name of the company for expediency reasons, the company will be known as GSilver.
It is expected that the company’s shares will be trading under the new symbol by June 10, 2021.
Vangold shares eased 3% or $0.02 to 64 cents on volume of 650,670. The shares trade in a 52-week range of 74 cents and 10 cents.
Vangold is and exploration and development company engaged in reactivating past-producing silver and gold mines near the city of Guanajuato, central Mexico.
The decision to change its name comes after Vangold recently acquired the El Cubo mine from Endeavour Silver Corp. [EDR-TSX; EXK-NYSE].
El Cubo is a 480-year-old underground gold-silver mining complex which is located in El Cubo village, approximately 10 km east of Guanajuato city.
Endeavour announced in April, 2012, that it had agreed to buy AuRico Gold’s 100% stake in the El Cubo mine for a total consideration of up to US$250 million.
The complex has historically produced roughly 2.0 million ounces of gold and 80 million ounces of silver, but has been closed since November, 2019.
Prior to the El Cubo deal, Vangold’s flagship asset was the El Pinguico Project, an historic silver and gold mine that is located in Guanajuato and was in production in the late 1880s until 1913. Covering 71 hectares and comprised of two mining concessions – El Carmen and El Pinguico – the project is close to several active mining operations, including Endeavour’s El Cubo and Bolanitos mine and mill complexes.
The company is now focused on the refurbishment of the El Cubo mill, and swift commencement of production from El Cubo and El Pinguico Combined Operation, as well as delineating additional gold and silver resources through underground and surface drilling on its projects in this historic mining camp.
Vangold plans to use El Cubo’s 1,500-tonne per day mill to process stockpiled material that is currently available at its El Pinguico mine.
The company also said it has secured the domain for the website www.GSilver.com.