Press releases

28. June 2018 09:45

SOTKAMO SILVER: SILVER MINE PROJECT PROCEEDS AS PLANNED – ROOFING PARTY TODAY

The construction of the Silver Mine is proceeding within the set timetable and cost framework. Next phase of the project is now the roofing party of the production building. The party will take place today, and it brings together about 100 people currently participating in the project.

The Silver Mine Project is now in the construction phase and is steadily progressing towards production. At this point, we focus on putting up the buildings and equipment, and getting the production infrastructure ready. The equipment of the Blaiken concentrating plant has been dismantled. It will be transported to the Silver Mine in the late summer and assembled in early autumn. Negotiations are under way for subcontracting the mining and for earthmoving activities for the open pit and the tailings pond. The construction of the water treatment plant and the launch of ore mining will take place in the autumn.

The EIA procedure was implemented during the last year and it will end with a statement of the contact authority on the EIA report, to be issued by July 1st 2018. Upon obtaining the statement, the company will in the autumn apply for an environmental permit update for deploying the pre-beneficiation and for increased amount of extraction that the pre-beneficiation necessitates This update has been considered in the EIA.

Recruitment of employees will start in the autumn of 2018. We will mainly recruit process and maintenance personnel and supervisory staff.

Principal contractors and suppliers involved in the construction of the Silver Mine:

  • Outotec (Finland) Oy: Ore mills and supplementation of process equipment
  • Consulting company CTS Engtec Oy: Process planning
  • ABB Oy: Renewing the automation system for the needs of Silver Mine
  • PCS Engineering Oy: Design of the process electrification and instrumentation
  • RPK Rakennus Kemppainen Oy: Foundation work and related construction work
  • Ruukki Construction Oy: Construction of the beneficiation plant and the frame of the ore depository
  • Power Mining Oy: Infrastructure of the underground mine
  • Kainuun Sora Oy: Rock extraction and crushing for the construction work
  • Pöyry Finland Oy: Design of the dams for the ponds
  • E. Hartikainen Oy: Construction of roads and turf structures
  • Betamet Oy: Disassembly, transfer and installation of Blaiken equipment
  • Insinööritoimisto Savolainen Oy (Suunnittelutoimisto Määttä): Construction planning
  • Teollisuustaito Oy: Water treatment planning and investigations
  • Ramboll Finland Oy: EIA procedure and environmental permit application

“I am very pleased that the project is proceeding on schedule and that we have been able to order the necessary equipment and work from the companies that are respected in their operating field and have extensive experience in mine production. The aim is to launch commercial production at Silver Mine in early 2019. At the same time, we will create more than 100 immediate new jobs in the mining area and can thus for our share strengthen the Kainuu battery metals cluster", says Timo Lindborg, CEO of Sotkamo Silver AB.

Stockholm, June 28th2018
Timo Lindborg, CEO

Contact person

Timo Lindborg, CEO of Sotkamo Silver AB, tel. +358 40 508 3507

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 28thJune 2018, at 8.45 CET.

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.

Legal Entity Identifier (LEI): 213800R2TQW1OZGYDX93
The ticker symbol is SOSI in NGM Equity in Stockholm and SOSI1 in NASDAQ Helsinki.
ISIN-code for Sotkamo Silver shares is SE0001057910.

Read more about Sotkamo Silver on www.silver.fi

The Company's press releases and financial reports are distributed via Cision Sverige and are available on www.silver.fi