Testing of domestic water supply and sewer lines has commenced. The Company will seek a Certificate of Occupancy for the Shop & Staff Services building in the coming weeks. Final fire riser connection and Amador County Fire Protection District inspection remain for both buildings. The mill must pass noise monitoring conditions within the Amador County Conditional Use Permit prior to receiving final Certificate of Occupancy. The Sand Bunker and Tailings Thickener are complete and the building permits have been closed.
To view "Interior of shop area (February 2013)," please visit the following link: http://media3.marketwire.com/docs/222sgm5.jpg.
To view "Interior of mine rescue room (February 2013)," please visit the following link: http://media3.marketwire.com/docs/222sgm6.jpg.
To view "Thickener and pump (February 2013)," please visit the following link: http://media3.marketwire.com/docs/222sgm7.jpg.
To view "Sand Bunker building (February 2013)," please visit the following link: http://media3.marketwire.com/docs/222sgm8.jpg.
Financial Advisor Engaged
Sutter Gold is also pleased to announce that it has entered into a letter agreement with a US based investment banking firm (US Firm) pursuant to which Sutter Gold has agreed to retain the US Firm as its financial advisor and structuring agent. The US Firm is a full-service investment bank focused on the natural resources sector and will assist the Company in raising additional capital in order to complete the Lincoln Mine Project, repay short-term debt and expand Sutter Gold's exploration program. Pursuant to the agreement, Sutter Gold has agreed to pay the US Firm an aggregate work fee of US$125,000. In addition, the US Firm can earn a success fee ranging between 1.5% and 9.5% of gross proceeds raised pursuant to a transaction and to issue the US Firm common share purchase warrants with an aggregate value of up to US$1,000,000, both of which are dependent on the identity of the investors participating in the transaction, the timing of the transaction and the aggregate capital raised pursuant to the transaction. The success fee will be paid from the proceeds of the transaction and the warrants will be issued on closing of the transaction. The agreement, including the payment of the fees and issuance of the warrants, is subject to TSX Venture Exchange approval.
Sutter is a near-term gold producer, building Phase One of the new Lincoln Mine Project in the historic California Mother Lode. Ramp-up to full production is planned in the first half of 2013. The Lincoln-Comet and Keystone zones have a NI 43-101 compliant Indicated Resource estimate (completed in February 2008) of 612,400 tonnes (673,600 tons) grading 11.3 g/t Au (0.33 oz/ton) containing 223,000 ounces of gold and Inferred Resources of 2,161,700 tonnes (2,377,900 tons) grading 6.6 g/t Au (0.19 oz/ton) containing 458,900 ounces of gold.
Sutter currently controls approximately 4.6 miles of the Mother Lode of Amador County, with 90% of the property still unexplored. Potential exists both at depth and along strike of the known mineralized zones on both the footwall and hanging wall. The 120-mile long Mother Lode Gold Belt produced over 13 million ounces of gold historically with 7.9 million ounces originating from the 10-mile long segment between Jackson and Plymouth where the Lincoln Project is strategically located. Properties under the Company's control include seven historic mines with significant historic gold production totaling over 3.5 million ounces or 27% of the historic gold production from the Mother Lode. Historic mines located north and south of the Lincoln Project in the Jackson to Plymouth segment of the Mother Lode success fully mined gold to depths of 4,500 and 6,300 feet, respectively.
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