08:29 AM EDT, 07/04/2024 (MT Newswires) -- Guanajuato Silver ( GSVRF ) , a significant producer of silver and gold in Mexico, which saw its stock gain 13.5% yesterday, on Thursday said that Ramon Davila has resigned as president and a member of the board.

Davila, who will continue to be engaged with the company as an advisor, in Thursday's statement said he has "handed over the reins of operations" of the company to COO Carlos Silva.

"I feel it is the correct time to move on from my daily operational duties as President of Guanajuato Silver ( GSVRF ) as well as my duties on the BOD, to spend more time with my family and other pursuits," Davila said in a statement.

From 1994 to 1998, Davila was the Chairman and CEO of Minas La Colorada SA, where he developed the La Colorada mine and then sold it to Pan American Silver Corp. ( PAAS ) ; the mine remains the largest silver producer within Pan American Silver's ( PAAS ) portfolio. Following the sale of the Colorada mine, from 1998 to 2003, Davila was responsible for all Mexican operations for Pan American Silver Corp. ( PAAS )

From 2004 to 2014, Davila was Chief Operating Officer and a member of the Board of Directors of First Majestic Silver Corp. .