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Apogee Silver Ltd. (TSXV:APE) announced that shipping of stockpiled mineralized material from the Pulacayo project in Bolivia to Tatasi for milling and processing has commenced, and that final payment for the Cachinal Property in Chile has been issued.
As quoted in the press release:
The Company has secured a toll milling agreement with the Tatasi Cooperative, who operate the concentrator which has the capacity to process up to 200 tonnes of ore per day. Further, the Company has obtained the required sign-off from COMIBOL (Corporacíon Minera de Bolivia) to transport mineralized material to the Tatasi concentrator. To date, Apogee has stockpiled 7,000 tonnes of mineralized material from its trial mining operations.
In addition, Apogee has completed the acquisition of the Cachinal silver property, located in Chile (See Press Release dated September 16, 2011) and has issued the remaining payment to Valencia Ventures Inc. (“Valencia”). In accordance with the terms of the agreement entered into with Valencia, the Company has acquired all of the issued and outstanding common shares of Compania Minera Valencia Ventures – Chile Limitada, Valencia’s wholly-owned subsidiary that holds an 80% interest in Cachinal and the Nueva Juncal silver properties. In consideration, Apogee has paid Valencia $500,000 in cash ($325,170 of which had already been paid) and has issued 3,000,000 common shares of the Company to Valencia.
Apogee Silver CEO Neil Ringdahl said:
We are delighted by our progress and COMIBOL’s endorsement of our planned milling activities. This is a positive indication of the high level of support Apogee has from the affected communities and stakeholders at Pulacayo. In addition, we look forward to developing a similarly positive relationship with the Tatasi community.
Click here to read the Apogee Silver (TSXV:APE) press release