SOTKAMO SILVER HAS ENTERED INTO AN AGREEMENT ON THE ACQUISITION OF MINING AND EXPLORATION RIGHTS FROM BOLIDEN
Press release: Stockholm, October 6, 2020 08:45 CET
Sotkamo Silver Oy has entered into an agreement with Boliden to purchase the mining and exploration rights of the Hietaharju and Peura-aho mining concessions and the Hietaharju North exploration area in Suomussalmi. The transfer of rights requires the approval of the Mining Authority (Tukes). The acquisition of the deposits is part of the company's strategy to focus on the development of mineral resources in the Kainuu region and strengthen Sotkamo Silver's position and raw material base.
The former owner of the mining rights, Altona Mining Ltd., has prepared mineral resource estimates of the deposits in accordance with the Australian JORC Code. The estimates are shown in the table below.
|Classification||Million tons||Ni %||Cu %||Co %||Pt g/t||Pd g/t|
Mineral resource estimates are based on the results of core drill holes drilled in the area (approximately 21 kilometers in total). Laboratory-scale metallurgical test work of Peura-aho and Hietaharju yielded marketable concentrates. In addition to nickel and copper, the platinum and palladium concentrations in the deposits are significant.
Stockholm October 6, 2020
Sotkamo Silver AB
Erkki Kuronen, CEO
Erkki Kuronen, CEO, tel. +358 50 599 3539
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 October 6, 2020, at 08:45 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´s business concept is to develop mineral deposits in the Nordic countries with regards to human society and environment. Sotkamo Silver owns through its subsidiary the Silver Mine in Sotkamo which started production in March 2019 and has reached full production capacity. In addition, the Company holds exploration rights to precious and base metal deposits in Finland, Sweden and Norway.
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