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Avino Silver & Gold Mines (TSXV:ASM) has closed its previously announced concentrates prepayment agreement with Samsung C&T UK Ltd. for US$10 million. The company has received the prepayment amount from Samsung.
Avino Silver & Gold Mines (TSXV:ASM) has closed its previously announced concentrates prepayment agreement with Samsung C&T UK Ltd. for US$10 million. The company has received the prepayment amount from Samsung.
As quoted in the press release:
The Company will use the prepayment amount for mining equipment and to optimize development of its projects for increased productivity, as well as improvements to its tailings impoundment facilities, and general working capital requirements. The prepayment agreement with Samsung relates to the sale of concentrates produced from the Company’s Avino Mine only and does not include concentrates produced from the San Gonzalo Mine.
The Company has already sent the first shipment of concentrates to the smelter for Samsung; the expected sailing date fromManzanillo is August 30, 2015.