SOTKAMO SILVER CONTINUES TO INVEST IN THE SILVER MINE - AGREEMENT ON MILL DELIVERY
Sotkamo Silver has entered into an agreement with Outotec (Finland) Oy on the delivery of a grinding mill circuit to the Silver Mine project, which is under construction in Central Eastern Finland. The mills will have a capacity of 450,000 tonnes of ore per year in full production. Outotec which will be responsible for delivery, is a world-leading mining technology company.
According to the agreement, both mills in the grinding circuit will be delivered during autumn 2018. With the agreement, the Company continues to invest in the Silver Mine project, and together with the already commenced infrastructure investments and the construction of the production building, the target is to start the production in early 2019.
This contract provides the most cost-effective utilization of the other parts and equipment of the Blaiken plant and enables the most efficient total costs. The mills from the Blaiken plant will be sold. The agreement is one of the essential equipment delivery contracts, and the purchase of new mills will ensure high utilisation rate and optimum treatment of the ore immediately after the start of production.
"With this agreement, the company intensifies the investments in the ongoing construction of the Silver Mine. The works are proceeding according to plans and in schedule. The company will continue its investments in the construction of the Silver Mine with its cash resources with the goal to start production in the beginning of 2019. At present, the Company is undergoing several discussions regarding financing, to strengthen the Company's cash position before the start of production of the Silver Mine", says Dr. Tech. Timo Lindborg, CEO Sotkamo Silver.
Stockholm January 8th, 2018
Sotkamo Silver AB (publ)
Timo Lindborg, CEO
This information is information that Sotkamo Silver AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on January 8th, 2018, at 08.45 CET.
Timo Lindborg, CEO of Sotkamo Silver AB, tel. +358 40 508 3507
The official Stock Exchange Releases are given in Swedish and there may be differences in the translated versions.
About Sotkamo Silver AB
Sotkamo Silver AB´s business concept is to exploit mineral deposits in the Nordic countries with positive social and environmental benefits. Sotkamo Silver owns mineral deposits, which contain silver and gold in Finland as well as zinc and gold in Norway. The Company’s main development project is the Silver Mine project in the municipality of Sotkamo.
Sotkamo Silver applies SveMin’s & FinnMin’s respective rules of reporting for public mining & exploration companies. Sotkamo Silver has chosen to report mineral resources and ore reserves according to the internationally accepted JORC or NI 43-101 code. The company applies International Financial Reporting Standards (IFRS) as approved by the European Union.
The ticker symbol is SOSI in NGM Equity in Stockholm and SOSI1 in NASDAQ Helsinki.
ISIN-code for Sotkamo Silver shares is SE0001057910.
Legal Entity Identifier (LEI): 213800R2TQW1OZGYDX93
Read more about Sotkamo Silver on d or www.silver.fi
The Company's press releases and financial reports are distributed via Cision Sverige and are available on www.silver.fi