Amarium Completes US$8.75 Million Copper Stream Sale Agreement
PR Newswire
LAS VEGAS, June 5, 2013
LAS VEGAS , June 5, 2013 /PRNewswire/ -- Amarium Technologies Inc. (PINKSHEETS: AMMG), through its wholly owned subsidiary Amarium Minerals Inc., released today that the Company has executed a Copper Stream Sale Agreement ("Agreement") with Anglo-Asia Resource Partners ("Anglo- Asia ") for US$8.75 million . Under the terms of the Agreement, Anglo- Asia is entitled to 18% of the copper concentrate produced at the Jovita Mill operating in Michoacan, Mexico . Amarium will allocate the sale proceeds from the Agreement to complete the financial obligations outstanding from the Jovita Mine acquisition and the remaining funds will be expended on upgrades and expansion of the existing flotation mill and facilities.
The Agreement entitles Anglo- Asia , a private Hong Kong partnership that is focused on procuring precious and base metals for the Asian market, to 18% of the monthly production at the Jovita Mill. Anglo-Asia will make an initial payment of US$8.75 million to Amarium and on-going payments of US$0.75 per pound of copper produced. If the spot price of copper was to decline below US$2.50 per pound, Anglo- Asia's on-going payment obligations would be reduced to US$0.50 per pound of copper. Additional terms of the Agreement will be released at a later date.
Adam Carter , President & CEO of Amarium , commented, "The non-dilutive agreement with Anglo- Asia will allow Amarium to rapidly expand its existing production facilities at Jovita and engage in an exploration program on the property that defines our high-grade copper resource. Anglo-Asia is the perfect partner for us to advance our business plans, as they are extensively integrated in the Mainland China and Southeast Asia metals markets. Our primary goal now is to maximize throughput at the Jovita Mill and, with the capital investment now in place, we can proceed expeditiously with upgrading our existing facility."
Amarium is focused on the acquisition and development of base metals projects in Mexico that are currently in or near production and advanced exploration properties that will add substantially to the Company's asset foundation. Management is continuing to actively pursue mineral interests that represent significant growth, value and cashflow opportunities.
For additional information, please visit: www.amariumminerals.com
This press release contains statements that are forward-looking and which involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in question are based on Amarium Technologies, Inc.'s current expectations and projections about future events, based on information currently available. The forward-looking statements found in this press release may also include statements relating to Amarium Technologies, Inc.'s anticipated financial performance, business prospects, new developments, strategies, and similar matters. Amarium Technologies, Inc. provides no assurance regarding the actual outcome of the events contemplated by any forward-looking statements included in this release. Amarium Technologies, Inc. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
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SOURCE Amarium Technologies Inc.
