Mr. Galen McNamara reports
SUMMA SILVER ANNOUNCES MOGOLLON PROJECT ANNIVERSARY PAYMENT PURSUANT TO AMENDED LEASE AGREEMENTS
Summa Silver Corp., further to the company's news release dated March 23, 2022, and subject to final approval from the TSX Venture Exchange, will issue an aggregate of 57,049 common shares pursuant to two previously entered into amended and restated mining lease agreements. The common shares are being issued at a deemed value of 64.48 cents per common share, being the 20-day volume-weighted average price of the company's common shares as traded on the TSX-V. Such payments represent the second of 10 annual payments due pursuant to the amended lease agreements. The amended lease agreements relate to mining claims which form part of the Mogollon property near Silver City, N.M.
Pursuant to the amended lease agreements, the company has agreed to continue to lease certain mining claims which form part of the Mogollon property for a period of 10 years and renewable in 10-year terms at the company's election. The company must make aggregate cash payments of $99,067 (U.S.) on an annual basis for such period under the amended lease agreements. Such annual payments are indexed to the Production Price Index for Industrial Commodities as published by the United States Bureau of Labor Statistics (the PPI). The company may, in its sole discretion, elect to pay an aggregate of $27,018 (U.S.) (indexed to PPI) of the annual amount payable under the lease agreements by issuing common shares at a deemed value equal to the 20-day volume-weighted average price of the company's common shares as traded on the TSX-V, subject to the maximum discounted market price allowed under the policies of the TSX-V.
About Summa Silver Corp.
Summa Silver is a Canadian junior mineral exploration company. The company owns a 100-per-cent interest in the Hughes property located in central Nevada and has an option to earn 100-per-cent interest in the Mogollon property located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont mine, one of the most prolific silver producers in the United States between 1903 and 1929. The Mogollon property is the largest historic silver producer in New Mexico. Both properties have remained inactive since commercial production ceased, and neither have seen modern exploration prior to the company's involvement.
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