Juniors Atlas Mining Company (ALSM-N) and Arizuma Silver (ARZS-C) have signed an agreement-in-principle to merge.
Under the proposed plan, Atlas shareholders would hold 51% of the voting shares of the new company, with Arizuma shareholders holding the remainder.
The merger plan, which has yet to be approved by regulators, is designed to combine Atlas’s operating expertise and strength in the U.S. with Arizuma’s international exploration and development capabilities. The newly consolidated company will be called Atlas Silver Mining Company.
Arizuma, which became active in 1996, is an exploration and development company with five advanced projects in Nevada, Washington state and Bolivia, as well as ongoing exploration projects in Nevada, Bolivia and the Yukon.
Atlas, established in 1924, currently holds more than 1,000 acres of strategic mineral and surface rights in the Silver Valley of northern Idaho. The company also operates an underground mining contracting business, Atlas Fausett Contracting.
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