THE REGIONAL STATE ADMINISTRATIVE AGENCY IN NORTHERN FINLAND HAS INFORMED SOTKAMO SILVER THAT THE ENVIRONMENTAL-PERMIT WILL BE DELAYED BECAUSE OF HEAVY WORKLOAD
(For press release in Finnish, see attached file)
The Regional State Administrative Agency has notified Sotkamo Silver that processing of the Company's environmental-permit for the Silver Mine in Sotkamo will be delayed, due to heavy workload. The Company's application will be processed as soon as workload allows. The Agency works active with the application, but cannot specify exact date when the permit will be received, although it is prioritised.
"This notice has an effect on the Company’s Silver Mine project. Preparation-work continues according to plan, but major works cannot be carried out before environmental-permit has been received. Production-start will be delayed at least six months and cannot be expected to start before the second half of 2014," says Timo Lindborg, CEO of Sotkamo Silver.
Oulu, 28th November 2012.
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 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.