SOTKAMO SILVER CONCLUDES AN AGREEMENT WITH ABB ABOUT THE ELECTRIFICATION AND FIRST FINANCING AGREEMENT OF SILVER MINE.
Sotkamo Silver is pleased to announce that, an Agreement between Sotkamo Silver and ABB Oy, Finland, has been signed for engineering, design, delivery as a turnkey supply of the electrification, automation and instrumentation. ABB also arranges Sotkamo Silver with financing package of 5 M€ to cover the delivery.
ABB will supply a range of electrification and automation solutions for the concentrator plant and the excavation operations in the mine. This contract follows a previous order in 2012 for the construction of 20 km long power transmission line and substations.
“ABB’s vast mining industry experience, project competence and comprehensive technologies will help this new plant operate at its most productive and efficient from the very beginning,” says Account Manager Hannu Luhtaniemi from ABB.
"The signing of this agreement is an important milestone for Sotkamo Silver, and enables a construction and engineering start-up of the Silver Mine. It is even an important and first step in financing package, which we are currently working with." Summarizes Dr. Timo Lindborg, CEO of Sotkamo Silver AB.
Stockholm, 26th April 2013.
Timo Lindborg, CEO
The information provided in this press release is such that the company is required to disclose pursuant to the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. This press release contains forward-looking statements, forecasts and estimates. Indications of, and guidance on future earnings and financial position and performance are also forward-looking statements. The statements and estimations are subject to risk factors associated with the mining industry. These forward-looking statements, opinions and estimates are not guarantees of future performance.
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 and for warrants SE0004635290. 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
The official Stock Exchange Release is given in Swedish and there may be differences in the translated versions.