|By Marketwired .||
|February 3, 2014 05:00 PM EST||
MIAMI, FL --(Marketwired - February 03, 2014) - Amalgamated Gold and Silver Inc. (AGS) (PINKSHEETS: BCHS) announced today that it has confirmed the imminent production of antimony ore from its St Anthony Mine in Turiri, Bolivia.
AGS is pleased to announce that it has confirmed the proven reserves, as projected in their St. Anthony of Turiri mine in Bolivia with a physical inspection down one of the historic mine shafts (Justo Juez). This shaft has been opened up and the proven reserves as delineated in the existing geological maps have been confirmed. Based on this it is projected that the mine will be able to go into full production imminently and the following production figures are projected:
- In the first 6 months of operation, Antimony (Sb) containing ore, processed to a minimum 65% concentrate, valued at current market prices of approximately $10,000,000.00 USD.
- Thereafter monthly production should produce an estimated $2,000,000.00 USD of Antimony (Sb).
AGS is currently shortlisting various professional contract mining companies that are capable of bringing the valuable St Anthony antimony into production at an accelerated pace.
The company also announced it has successfully renegotiated the term of mining rights to the San Antonio de Turiri mine extending them for an additional 10 year period ending April 28
"I am enthusiastic about the enormous potential of the San Antonio de Turiri Mine and am looking forward to visiting the Mine with the Exploration Alliance team the week of Feb. 17
The information in this press release constitutes "forward-looking information". Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Amalgamated Gold and Silver Inc.
80 SW 8 Street, Suite 2000
Miami, Florida 31330 USA