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Message: Settles All Outstanding Litigation
| March 25, 2009 |
| Genco Settles All Outstanding Litigation |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2009) - Genco Resources Ltd. (TSX:GGC) reports that it has settled all outstanding disputes and litigation with Andover Ventures Inc., Chief Consolidated Mining Company and W. Gordon Blankstein. Genco's Acting CEO and Co-Chairman Robert Gardner states, "We are pleased that, with these disputes behind us, we can now move forward with financing and developing our core silver/gold asset in Mexico. In these uncertain economic times, precious metals are a highly desirable sector of the mining business." The settlements stipulate a payment to Genco by Andover of CDN $5 Million within 18 months, with interest payable quarterly at US prime plus 2% (subject to a minimum rate of 4% per year), for the purchase of all shares of Chief owned by Genco, and the transfer of 2,000,000 Common Shares of Andover owned by Genco. About Genco Resources Ltd. Genco's core asset is the producing La Guitarra silver-gold mine, located in the Temascaltepec Mining District of Mexico. La Guitarra Mine currently consists of two underground operation centres - La Guitarra and San Rafael - and a flotation mill with a proven capacity of 320 tonnes per day. Genco believes significant potential exists to expand production within the 39,714 hectares of mining concessions it currently owns or leases in the Temascaltepec Mining District. |
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