ENP Newswire -
Release date- 03092014 -
The acquisition also includes 9,000ha of surrounding mining and exploration rights. The funding package in place is a combination of funding from
In summary, SilverStream will fund:
Subject to the vendor satisfying the final conditions precedent, settlement of the
Working Capital Facility Update
The Company and its advisers continue to assess proposals from both commodity traders and term debt providers for the provision of a long-term working capital facility. Management has to date received and reviewed a number of proposals for between
On securing this facility, proceeds will be employed to repay all amounts owing to
San Santiago CIP gold-copper Circuit Update
The Company commenced commercial processing through the San Santiago mill's CIP circuit post commissioning in the first half of
Equipment availability within the circuit was far better than expected with the crushing and grinding circuits operating at or above name plate capacity when operational. The CIP operations did however experience unforseen shutdowns during the month as a result of external power supply issues to site by the local Peruvian power company and the recent 6.9 magnitude Peruvian earthquake where the epicentre was less than 100km away from the mill.
These power supply issues have been rectified now and returned to normal. A larger diesel generator has however been ordered and will be delivered to site to provide a suitable back up power supply should
The metallurgical balance testing and reconciliation for the month is still ongoing and being verified by
Toll Treatment Contracts
As at the end of August, three contracts have been signed with local mine operators for the toll treating of third party ore. These contracts run for 12 months and delivery of ore under these contracts has commenced. The commitments received equate to approximately 22% of our plant capacity and are for:
300 tonnes per month (TPM) at a grade of between 45-90 g/t Au;
200 TPM at a grade of between 30-45 g/t Au and
150-200 TPM at a grade of 17-25 g/t Au from oxide material.
Additional sources of quality gold ore continue to be assessed to ensure full compliance with local laws in relation to the processing of third party material.
For more information on
Tel: +61 8 9200 1860
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