Apollo Silver (APGO.V) said Thursday members of the Ejido Benito Juarez, a municipality in Chihuahua, Mexico are expected to lift the moratorium on mineral exploration and development affecting communal lands which include the Cinco de Mayo project, under option by the company.
The moratorium, which has been in place since 2012, is a key outstanding condition for the advancement of the Cinco de Mayo project, a statement said.
The community assembly is expected to take place on Sept. 20.
"We are encouraged by the progress of this process and by the strength of the relationships we have built at the community level," said Colin Sutherland, Chief Executive Officer. "The company respects the autonomy of the Ejido and its decision-making processes, and we look forward to continuing an open, transparent and constructive dialogue with local stakeholders."
Apollo Silver shares closed up CA$0.38, or 12%, to CA$3.55 on the TSX Venture Exchange.