Vancouver's Silver Standard Resources Inc. (TSX:SSO) plans to sell its interest in a B.C. silver-base metals project to Vancouver's Silvercorp Metals Inc. (TSX:SVM).
Silvercorp will pay $15 million for the Silvertip project located in northern B.C. that Silver Standard purchased in 2002. Up to half of the payment will be payable in Silvercorp common shares.
Silver Standard said the project sale is part of the company's rationalization of its portfolio of non-core assets.
The deal is expected to close February 26, subject to regulatory approval and customary closing conditions.
Silver Standard's share price range during the past week: between $18.36 and $19.23; 52-week high: $27.69; 52-week low: $14.94.
Silvercorp's share price range during the past week: between $6.67 and $6.80; 52-week high: $8.43; 52-week low: $2.52.