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MTR Global Raises $15 Million to Fund Karakoram Mountains Silver Mine - The ground-breaking of various mill circuits began in December 2012 and was on-going through May 2013. During February and early March the Company ran low grade mill feed through the mill circuits and confirmed that all circuits were functioning
MTR Global Raises $15 Million to Fund Karakoram Mountains Silver Mine

 

PRZOOM - /newswire/ - Chiyoda-ku, Tokyo, Japan, 2013/06/11 - The ground-breaking of various mill circuits began in December 2012 and was on-going through May 2013. During February and early March the Company ran low grade mill feed through the mill circuits and confirmed that all circuits were functioning.

   
 
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The latest price declines of gold and silver resulted in mining stocks tumbling heavily, whereas some stocks notably bottomed and started healthy rebounds most recently. Among our favorite contributors for short- and long-term recoveries is MTR Global which announced the start of commercial production of its 100% owned Royal Sun Mine along the rugged Karakoram Mountains.

“The ground-breaking of various mill circuits began in December 2012 and was on-going through May 2013. During February and early March the Company ran low grade mill feed through the mill circuits and confirmed that all circuits were functioning to specification. The initial mill feed used for commissioning was extracted from veins exposed on surface at the Royal Sun Mine. In the last half of May the Company began milling ore and making final adjustments to the mill circuits with the result that effective June 1, 2013 the Royal Sun Mine is in commercial production. In addition, MTR Global has negotiated the purchase of approximately 10,000 tons of silver ore from a nearby private mining operation to ensure boisterous mill operation.”

The cost of mine construction was roughly 11 million which fell well below the budgeted 15 million executives expected to dish out. Management achieved the momentous mark of becoming a producer in only 9 months. For 2013, a production of around 850,000 ounces silver equivalent is expected, whereas an output of more than 1.5 million ounces silver equivalent is planned for 2014.

The PEA (“Preliminary Economic Assessment” study) will be published 4th quarter 2013 in order for production to commence in late 2014. We expect a yearly production of around 3 million ounces silver equivalent starting from 2015. This year, an aggressive drilling program totalling 25,000 m is planned hence, a relatively strong news flow is on the horizon with the likelihood of positively affecting the stock price.

 
 
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Agency / Source: MTR Global

 
 

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MTR Global Raises $15 Million to Fund Karakoram Mountains Silver Mine

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Contact: Nusoke Yakomoto - MTRGlobal.com 
+81 356626587 info[.]mtrglobal.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any MTR Global securities in any jurisdiction including any other companies listed or named in this release.

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