Hunt Mining Corp. signed an offtake agreement with Ocean Partners USA, Inc. for the delivery of gold-silver concentrate from the La Josefina project.
Hunt Mining Corp. (TSXV:HMX) announced it has signed an offtake agreement with Ocean Partners USA, Inc. for the delivery of gold-silver concentrate from the La Josefina project located in Santa Cruz Province, Argentina.
As quoted in the press release:
As part of this agreement, Hunt will receive a US$700,000 advance for the delivery of gold-silver concentrate from the La Josefina project and will receive a further provisional payment upon shipment of the concentrate from the loading port.
This agreement is in addition to previous agreements between the two companies on silver-gold concentrate produced from the Martha project and repays the advance with deductions withheld through the shipments of Ailin vein concentrate processed at the Martha mill. Grades tested and suitability for processing at the Martha mill has thus far been very satisfactory for fulfillment of the terms.
Ongoing production at the Martha project is being undertaken without established mineral resources or reserves and the corporation has not established the economic viability of the operations on the Martha project. As a result, there is increased uncertainty and economic risks of failure associated with these production activities. However, a NI 43-101 compliant technical report from 2010 exists for the La Josefina project with measured, indicated and inferred resources. The Ailin vein is a part of this resource estimate.
Ocean Partners delivers successful trading services to miners, smelters, and refiners. Ocean Partners operates in a number of countries, including Canada, Chile, China, Cyprus, Mexico, Mongolia, Netherlands, Peru, Taiwan, Turkey, United Kingdom, and the United States, and retains agency representation in Argentina, Australia, Bolivia, Brazil, Chile, Ecuador, India, Japan, South Africa, South Korea, Central/Eastern Europe and the former Soviet Union.