VANCOUVER – Aurcana Corp. (TSXV:AUN) has increased its ownership in a silver-lead-zinc-copper mine in Mexico to almost 100 per cent as a result of a capital restructure prompted by Mexican tax authorities.
The ruling came about as a result of the 2010 audit of Real de Maconi S.A. de C.V., when tax authorities ordered the company to reclassify certain accounting transactions resulting in a reclassification and rollback of the capitalization of the equity accounts, Aurcana said in a release issued Monday.
The result of the rollback increased Aurcana’s ownership of Real de Maconi to 99.86 per cent, leaving a minority interest of 0.14 per cent to a third party.
Real Maconi holds a 99.99 per cent interest in Minera La Negra S.A. de C.V., which has a 100 per cent interest in the La Negra silver-lead-zinc-copper mine.
A third party holds one share, representing a .00002 per cent interest in the mine, which Aurcana said produced over one million ounces of contained silver in 2011.
However, Aurcana said the company has not completed a feasibility study to confirm the projected production capacity for La Negra and there “is no certainty the company’s plans will be economically viable.”
Local news from metronews.ca/vancouver
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