SOTKAMO SILVER’S AGREEMENT WITH ABB ON TEHCNOLOGY-SUPPLY AND FINANCING-ARRANGEMENTS HAVE BEEN EXTENDED.
We are happy to announce that the agreement of sales of technology between Sotkamo Silver and ABB Oy, Finland, has been extended until the end of 2014. The agreement covers engineering, design, delivery and supply of electrification, automation and instrumentation for the Silver Mine. The value of the deliveries are about 5 million euro.
ABB participate in coming financing-arrangements, where the size of the funding is dependent on the value of the delivery.
According the Bankable Feasibility Study a total need of financing is about 32 million euro.
“ABB’s wide mining-industry experience, project-competence and comprehensive technologies will help this new plant operate at its most productive and efficient way from the very first beginning,” says Account Manager Hannu Luhtaniemi from ABB.
"The extension of the terms of the agreement was coveted by Sotkamo Silver because we have been very pleased with ABB’s prices, deliveries and works related to the power-line construction.summarizes," summarizes Dr. Timo Lindborg, CEO of Sotkamo Silver AB.
Stockholm, 10th April 2014.
Timo Lindborg, CEO
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 Silver Mine project in the municipality of Sotkamo.
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.
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 slight differences in the translated versions.