Apogee Silver Ltd. (TSXV:APE) received US$ 609,000 from Consorcio Minero S.A. (Cormin), a wholly-owned subsidiary of the Trafigura Group – approximately 85% of the gross proceeds – for the delivery of over 95 dry tonnes (DMT) of lead-silver and 99 DMT of zinc-silver concentrates after its successful custom milling, bulk-scale flotation tests undertaken on mineralized material from the Pulacayo Deposit. Once final analysis of the concentrates is completed, the outstanding balance will be expected early in 2013.
As quoted in the press release:
The proceeds received by the Company from the sale of concentrates are net of shipping costs. As per the statutory requirements in Bolivia, metal export royalties have already been paid in advance (6% for silver and 5% for lead). NSR royalties related to the underlying agreements of the property (1.5% to the Pulacayo Cooperative and 2.5% to the Corporation Minera de Boliva (COMIBOL)) are payable once final analysis and payment is made by Cormin.
Apogee Silver CEO Neil Ringdahl said:
Another major milestone for Apogee has been achieved with the production of salable concentrate at a commercial scale from the Pulacayo deposit. On the eve of producing a feasibility study for a robust, commercial scale mine at Pulacayo, the Company has demonstrated its ability to successfully conduct trial mining and processing operations in partnership with the Pulacayo Cooperative, and with the support of local communities and other stakeholders.