First Majestic Silver to Sell its Mexico Mine for Up to $60 Million

First Majestic Silver has agreed to sell its Del Toro Silver Mine in Zacatecas, Mexico, to Sierra Madre Gold & Silver for up to $60 million. The deal includes $30 million on closing and up to $30 million in contingent payments. Sierra Madre will pay $20 million in cash and $10 million in shares initially, with further payments based on future performance. The transaction requires Sierra Madre to raise at least 40 million Canadian dollars and obtain shareholder approval by April.