VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 31, 2014) - Cortez Gold Corp. (TSX VENTURE:CUT) ("Cortez" or the "Company") announces that it has signed a letter of intent ("LOI") with Mercuria Energy Trading SA ("Mercuria") for an operating Line of Credit in the amount of US$5 million (the "Credit Facility") for the mineral processing business owned by Altiplano Goldsilver, S.A. de C.V. ("Altiplano"), a wholly-owned subsidiary of Cortez.
Altiplano holds the title to 20 hectares of land in Matehuala, S.L.P., Mexico on which the processing plant is situated. Designed to process lead and copper concentrates with high content of gold and silver, Altiplano's plant will offer a lower processing charge to the numerous small miners in the surrounding area as well as the medium-size producers whose only current option is to sell their concentrates to smelters at a high processing cost.
The Credit Facility is subject to certain conditions, including a site visit by Mercuria and their assessment of Altiplano's processing plant. Once the conditions precedent have been met, the US$5 million revolving Line of Credit will be available for Altiplano's operations for a period of five years, renewable upon mutually acceptable terms and conditions at that time.
Mercuria Energy Trading S.A. operates as a subsidiary of Mercuria Energy Group Holding S.A., a Swiss privately held international commodity trading company active over a wide spectrum of global energy markets. They are one of the world's five largest independent energy traders and asset operators and are based out of Geneva, Switzerland, with offices worldwide.
"With the Altiplano Plant gearing up for start-up of operations, the Credit Facility from Mercuria reaffirms our business and our plans for growth," said Robert Eadie, President of Cortez. "Mercuria is a special partner in Mexico, and we are committed to making this relationship work, as well as the relationships with our other Mexican partners."
About Cortez Gold Corp.
Cortez Gold Corp. is a Canadian precious metals production company, incorporated in 2007, headquartered in Vancouver, with operations in Mexico. Cortez Gold is focused on efficient operations, strategic and accretive acquisitions, and financial strength. Cortez Gold offers a low-risk gold processing business model that will generate cash flow, and provide low processing charges and efficient payment schedules to compete with larger scale smelters. Cortez Gold will grow as a company dedicated to high standards of corporate governance and sustainability. Visit www.cortezgoldcorp.com for more information.
ON BEHALF OF THE BOARD of Cortez Gold Corp.
Robert Eadie, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Cortez Gold Corp.Robert Eadie
(604) 602-4936 (FAX)
Cortez Gold Corp.Sarah Haney
(416) 640-1936 or Toll-Free: 1-866-602-4935
Source: Cortez Gold Corp.