Braveheart signs offtake for Bull River mine in British Columbia
(Kitco News) - Braveheart Resources (TSXV: BHT) (OTCQB: RIINF) announced today that it has entered into a concentrate purchase agreement with Ocean Partners UK for the sale of its copper concentrates (with gold and silver credits) from its Bull River mine near Cranbrook, British Columbia.
Additionally, Ocean has agreed to provide the company with a pre-payment financing facility against initial proceeds from milling of mineralized material on surface.
The company said that the agreement shall remain in force until Braveheart has delivered 45,000 wet metric tonnes of copper concentrate. Ocean shall have a right of first refusal on any remaining production thereafter from Bull River. The facility provides Braveheart with access to up to USD $3,500,000 which can be used for capital expenditures at Bull River including plant commissioning and general working capital purposes.
The company plans to advance Bull River in a phased approach wherein a surface stockpile of mineralized material will provide the initial feedstock to the upgraded mill facility. Subsequently, the company plans to mine and mill mineralized material from the underground workings.
President and CEO Ian Berzins commented, "Braveheart's top priority is restarting Bull River. With the support of Ocean's facility, we are positioned to continue with the surface up-grades required to place the mill in position to process mineralized material later this year. The agreement for sale of concentrates provides us with certainty on the sale of products from the mine."
Braveheart is a Canadian based junior mining company focused on building shareholder value through exploration and development in favourable Canadian mining jurisdictions at or near past-producing properties. Braveheart's main asset is the 100% owned Bull River mine project near Cranbrook, British Columbia which has a current Mineral Resource containing copper, gold and silver. Braveheart's newest acquisition is the 100% owned Thierry mine project near Pickle Lake, Ontario containing copper, nickel, silver, palladium, platinum and gold.