CONSTRUCTION OF PPOWER-LINE TO THE SILVER MINE HAS BEEN COMPLETED AND THE FIRST BATCH OF INVESTMENT GRANTS HAVE BEEN RECEIVED.
Total length of the l power line is 20.2 km and starting point is at UPM´s hydropower-station in Katerma. The line ends up at the industrial area of the Silver Mine. The connection from Katerma to the UPM’s line is with earth-cable 110 kV/45 kV to transformer station. In the Silver Mine area, there are a 45 kV/ 20 kV transformer station. ABB has constructed the line and transformer stations, but Sotkamo Silver owns those. Completion of the power line allows quick construction-start, when financing arrangements have been completed. The electrical power line dimensioning meets the requirements for the mine-deepening and the plant-capacity increase. The investment size was slightly more than 2 M €.
The Centre for Economic Development, Transport and the Environment of Kainuu Region have paid Sotkamo Silver 657.169 Euro as a first instalment from the applied investment- and development grants, which strengthen the company's current cash position.
"I am happy that the first major infrastructure investment for the Silver Mine has been completed. By the completion of the power transmission line, we are well prepared for coming construction-start and it also gives us an opportunity to plan for increased enrichment-capacity in the future. We have with the grant also strengthened the Company's cash for 2014, which is also very good for the Company”, comments CEO Timo Lindborg.
Stockholm, 17th December 2013
Sotkamo Silver AB
Timo Lindborg, CEO
Sotkamo Silver AB discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act
The official Stock Exchange Releases are given in Swedish and there may be slight 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 regards to human society and environment. Sotkamo Silver owns, through its subsidiary mineral deposits, which contains silver and gold in Finland. The Company’s main development project is the Taivaljärvi Silver Mine.
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 and SOSI1 in NASDAQ OMX Helsinki. ISIN-code for Sotkamo Silver shares is SE0001057910..
Company's press releases and financial reports are distributed via NGM and are available on www.silver.fi
Read more about Sotkamo Silver on www.sotkamosilver.com or www.silver.fi
For further information: Timo Lindborg, CEO, tel. +358 40 508 3 507