Silverstone Completes Purchase of Life of Mine Gold and Silver From Sherwood Copper Corporation's Minto Mine
2008年11月22日 - 4:22AM
Marketwired
Silverstone Resources Corp. ("Silverstone") (TSX VENTURE: SST) is
pleased to announce that it has closed its previously announced
transaction (November 7, 2008) with Sherwood Copper Corporation to
purchase all of the payable gold and silver from the Minto Mine in
the Yukon, Canada, over the life of the mine starting December 1,
2008.
Silverstone will purchase all of the payable gold and silver
from the Minto Mine and, in exchange, Sherwood received an up-front
payment from Silverstone of US$37.5 million, plus a further payment
of the lesser of (a) US$300 per ounce of gold and US$3.90 per ounce
of silver (subject to a 1% inflationary adjustment after three
years and each year thereafter) and (b) the prevailing market price
of gold and silver quoted on the London Bullion Market Association,
for each ounce delivered. If production from the Minto Mine exceeds
50,000 oz of payable gold in the first two years of the agreement
or 30,000 oz of payable gold per year thereafter, Silverstone will
be entitled to purchase only 50% of the amount in excess of those
thresholds. Kutcho Copper Corp., Sherwood's wholly owned subsidiary
that owns the Kutcho copper-zinc-silver-gold project in British
Columbia, has also granted Silverstone a right of first refusal to
purchase any gold and/or silver streams from the Kutcho project,
should Kutcho Copper elect to sell such, on terms and conditions to
be agreed by mutual consent. Sherwood and Silverstone have now
signed definitive purchase agreements with respect to the above
described transaction.
In order to fund the US$37.5 million cash payment, in addition
to US$28 million in cash on hand, Silverstone has drawn on its
US$15 million revolving line of credit through Scotia Capital.
"Silverstone is very pleased to add the Minto Mine gold and
silver production which more than doubles silver equivalent
production in 2009 to 4.5 million ounces of silver(1). This
transaction provides leverage to both gold and silver," said Darren
Pylot, President and CEO of Silverstone Resources Corp.
ABOUT SILVERSTONE
Silverstone is a silver and gold mining company with 100% of its
revenue from precious metal production. Silverstone expects to have
2008 silver sales of approximately 1.9 million ounces and
increasing to 4.5 million silver equivalent(1) ounces in 2009. More
information is available online at: www.silverstonecorp.com.
(1) Silver equivalent ounces are calculated by using a ratio of
1 ounce of gold is equivalent to 70 ounces of silver.
This press release contains "forward-looking information" that
is based on Silverstone's current expectations, estimates,
forecasts and projections. This forward-looking information
includes, among other things, statements with respect to
Silverstone's mineral discoveries, plans, outlook and business
strategy. The words "may", "would", "could", "should", "will",
"likely", "expect," "anticipate", "intend", "estimate", "plan",
"forecast", "project" and "believe" or other similar words and
phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause Silverstone's
actual results, level of activity, performance or achievements to
be materially different from those expressed or implied by such
forward-looking information. Such factors include, but are not
limited to: projected sales or production rates; uncertainties
related to drilling results; the ability to raise sufficient
capital to fund exploration; changes in economic conditions or
financial markets; changes in prices for costs; litigation,
legislative, environmental and other judicial, regulatory,
political and competitive developments; technological or
operational difficulties or inability to obtain permits encountered
in connection with exploration activities; and labor relations
matters.
This list is not exhaustive of the factors that may affect our
forward-looking information. These and other factors should be
considered carefully and readers should not place undue reliance on
such forward-looking information. Silverstone disclaims any
intention or obligation to update or revise forward-looking
information, whether as a result of new information, future events
or otherwise.
The TSX Venture Exchange has neither approved or disapproved of
the contents herein.
Contacts: Silverstone Resources Corp. Chris Tomanik (604)
637-8151 Email: ctomanik@silverstonecorp.com Silverstone Resources
Corp. Mark Patchett (604) 637-8151 (604) 688-2180 (FAX) Email:
mpatchett@silverstonecorp.com Website: www.silverstonecorp.com
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