A Canadian company plans to purchase the Revenue-Virginius Mine, which has been in a court-appointed receivership since last July after previous owners shut down operations due to financial trouble.

Silver X Mining Corp., which has two ongoing projects in Peru, announced on Monday it has entered an agreement to purchase the mine southwest of Ouray for up to $4.5 million. The acquisition must be approved by the court.

In July, Ouray County District Court Judge Cory Jackson appointed Alliance Manage...