SOTKAMO SILVER AB: THE RAMP-UP PHASE OF SILVER MINE HAS BEEN COMPLETED, THE AUGUST EBITDA WAS POSITIVE.

Report this content

Press release: Stockholm, September 24, 2019, 8,45 am

The ramp-up period of the Silver Mine was completed in August. The production capacity is in line with the long-term production target for both the mining and concentrating plant. At the end of the start-up period, metal recoveries into commercial concentrates were: Ag 86%; Au 86%, Zn 81%; Pb 83%.

The monthly EBITDA of the subsidiary Sotkamo Silver Oy in August was positive.

During July, the Silver Mine produced about 93,400 Oz of silver, 260 Oz of gold, 88 tonnes of lead and 230 tonnes of zinc in concentrates, totalling about 168,000 Oz of silver equivalent (AgEq).

During August, the Silver Mine produced about 125,300 Oz of silver, 355 Oz of gold, 170 tonnes of lead and 400 tonnes of zinc in concentrates, totalling about 239,000 Oz of silver equivalent (AgEq).

During the ramp-up phase, the Silver Mine has produced approximately 438,700 Oz of silver, 1,215 Oz of gold, 408 tonnes of lead and 920 tonnes of zinc. This production equates to approximately 733,500 Oz silver equivalents (AgEq).

"I appreciate the great work done by our entire staff with executing the ramp-up. Positive monthly EBITDA during the outset of production is a good achievement. During the start-up period, the price development of silver and the strengthening of the dollar compared euro is a positive matter. The price increase will have a positive impact on the company's finances in the future if the current price level is maintained", says Timo Lindborg, CEO

Stockholm September 24, 2019
Sotkamo Silver AB
Timo Lindborg, CEO

    
Contact person
Timo Lindborg, CEO of Sotkamo Silver AB, tel. +358 40 508 3 507

   
The AgEq values were calculated according the formula: AgEq=Ag+(Au*Aueq factor)+(Pb*Pbeq factor)+(Zn*Zneq factor). The eq factor = (metal unit price)/(Ag unit price). PaidAgEq values were calculated according the formula: PaidAgEq = Sales / Ag unit price. The used metal prices for July were: Ag 14.99 $/Oz; Au 1,358 $ / Oz; Zn 2,602 $/t; Pb 1,891 $/t; 1 € = 1,12 USD and for August: Ag 15,75 $/Oz; Au 1,415 $ / Oz; Zn 2,441 $/t; Pb 1,974 $/t; 1 € = 1,11 USD. Oz = troy ounze, 1Oz = 31,1034768 gram).

This information is information that Sotkamo Silver AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above on September 24, 2019, 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, gold and tungsten in Finland and Sweden 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 own rules of reporting for public mining & exploration companies. Sotkamo Silver has chosen to publish 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

Tags:

Subscribe

Documents & Links