Sandstorm Metals & Energy Acquires NSR Royalty From High Grade Lead-Zinc-Silver Prairie Creek Project
31 5월 2013 - 7:30PM
Marketwired Canada
Sandstorm Metals & Energy Ltd. ("Sandstorm Metals") (TSX VENTURE:SND) is pleased
to announce that it has acquired a 1.2% net smelter returns royalty ("NSR") on
base metals from the Prairie Creek project ("Prairie Creek") in the Northwest
Territories, Canada from Canadian Zinc Corporation ("Canadian Zinc") (TSX:CZN).
Prairie Creek is a zinc, silver and lead project that is 100%-owned by Canadian
Zinc and contains a Mineral Reserve of 5.2 million tonnes grading 9.4% zinc,
9.5% lead and 151 grams per tonne silver. As consideration, Sandstorm Metals has
made a cash payment to Canadian Zinc of US$6.8 million.
Canadian Zinc will have the option, for a period of 30 months, to repurchase up
to 100% of the NSR at face value if Canadian Zinc enters into a commodity stream
agreement with Sandstorm Metals that has an upfront deposit of no less than
US$90 million. In addition, Canadian Zinc has provided Sandstorm Metals with a
right of first refusal on any future royalty or commodity stream financing for
the Prairie Creek project.
"Prairie Creek is a high-grade project that has significant exploration
potential," said Sandstorm President & CEO Nolan Watson. "Canadian Zinc's
management team has done an excellent job developing the project while working
towards securing their final permits."
In addition, Sandstorm Gold Ltd. ("Sandstorm Gold") has acquired a 1.2% NSR on
precious metals from Prairie Creek via a back-to-back agreement with Sandstorm
Metals for US$3.2 million.
About Prairie Creek
The Prairie Creek Mine is an advanced-staged zinc-lead-silver property located
in the Northwest Territories in Canada. Prairie Creek is an underground
operation that will utilize multiple mining methods to access readily available
ore. Canadian Zinc has the majority of the required infrastructure in place
including a 1,000 tonne per day mill, 5 kilometres of underground workings and
related equipment, a heavy duty and light duty surface fleet, 3 exploration
diamond drills and a 1,000 metre airstrip. Canadian Zinc holds permits for the
exploration and development of Prairie Creek and is moving through the final
stages of the Type "A" Water Licence which is the required to operate the mine.
Lead sulphide, zinc sulphide and lead oxide concentrates will be produced at
site and then transported to a smelter. Exploration drilling around the mine
site and north of the existing resources is ongoing.
A National Instrument ("NI") 43-101 Technical Report entitled Prairie Creek
Property Northwest Territories, Canada Technical Report for Canadian Zinc
Corporation, Qualified Persons J. M. Shannon, P. Geo., AMC Mining Consultants
Ltd.; D. Nussipakynova, P. Geo., AMC Mining Consultants Ltd.; JB Hancock, P.
Eng., Barrie Hancock & Associates Inc.; and B MacLean, P. Eng., SNC-Lavalin Inc.
and dated June 15, 2012 filed on SEDAR estimates the following Reserve and
Resources at Prairie Creek.
Mineral Reserve Estimate
----------------------------------------------------------------------------
Tonnes Zn Pb Ag
Zone Class (Mt) (%) (%) (g/t)
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Main Quartz Vein Proven 1.278 10.8 9.4 172
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Probable 3.140 8.7 10.5 165
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Proven and Probable 4.418 9.3 10.2 167
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Stratabound Probable 0.803 9.5 5.7 62
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Mineral
Reserves 5.222 9.4 9.5 151
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Notes:
1. Mineral Reserves are stated as of May 31, 2012
2. Mining cut-off grade of 10% Zn-Eq based upon total variable operating
cost of $162/t including mining, processing and transportation.
3. Metal prices assumed are Zn = $1.10/lb, Pb = $1.10/lb and Ag = $28/oz.
4. Average processing recovery factors of 75% for Zn, 88% for Pb and 92%
for Ag.
5. Average payables of 85% for Zn, 95% for Pb and 81% for Ag.
6. $ Exchange rate = 1 CD/USD
Mineral Resource Estimate
----------------------------------------------------------------------------
Zone Tonnes Zn Pb Ag Cu
Class (Mt) (%) (%) (g/t) (%)
----------------------------------------------------------------------------
Main Quartz Vein Measured 1.055 13.2 11.5 209 0.45
----------------------------------------------------------------------------
Indicated 2.680 10.5 12.7 200 0.43
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Measured +
Indicated 3.736 11.3 12.4 202 0.43
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Inferred 6.236 14.5 11.5 229 0.57
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Stockwork Indicated 0.410 7.7 3.7 69 0.15
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Stratabound Measured 0.640 10.5 6.8 67 0.00
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Indicated 0.641 10.6 5.4 63 0.00
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Measured +
Indicated 1.281 10.5 6.1 65 0.00
----------------------------------------------------------------------------
Inferred 0.003 12.4 5.1 46 0.00
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Totals Measured 1.700 12.1 9.7 155 0.28
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Indicated 3.731 10.2 10.5 162 0.32
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Measured +
Indicated 5.431 10.8 10.2 160 0.31
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Inferred 6.239 14.5 11.5 229 0.57
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Notes:
1. Mineral Resources are stated as of May 31, 2012
2. Mineral Resources include Mineral Reserves
3. Stated at a cut-off grade of 8% Zn-Eq based prices of $1.30/lb for both
zinc and lead, and $35/oz for silver.
4. Average processing recovery factors of 78% for Zn, 89% for Pb and 93%
for Ag.
5. Average payables of 85% for Zn, 95% for Pb and 81% for Ag.
6. $ Exchange rate = 1 CD/USD
Alan Taylor, P.Geo., Chief Operating Officer, Vice President Exploration and a
Director of Canadian Zinc Corporation, is the Non-Independent Qualified Person
under NI 43-101 responsible for reviewing and approving the Canadian Zinc
Corporation technical information contained in this news release.
For more information on Canadian Zinc and the Prairie Creek project, visit
www.canadianzinc.com.
ABOUT SANDSTORM METALS & ENERGY
Sandstorm Metals & Energy Ltd. is the world's first diversified streaming
company. Sandstorm provides upfront financing to resource companies that are
looking for capital and in return, receives a commodity streaming agreement.
This agreement gives Sandstorm the right to purchase a percentage of the
commodity produced, for the life of the asset, at a fixed price. Sandstorm has
acquired a portfolio of four commodity streams in copper, palladium and natural
gas. Sandstorm plans to grow its production base through the acquisition of
additional commodity streams.
Sandstorm Metals & Energy is focused on low cost operations with excellent
exploration potential and strong management teams. Sandstorm has completed
royalty and commodity purchase agreements with Canadian Zinc Corp., Colossus
Minerals Inc., Donner Metals Ltd., Entree Gold Inc. and Thunderbird Energy Corp.
For more information visit: www.sandstormmetalsandenergy.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Except for the statements of historical fact contained herein, the information
presented constitutes "forward-looking information" or "forward-looking
statements" within the meaning of applicable Canadian securities legislation.
Forward-looking statements can generally be identified by the use of
forward-looking terminology such as "may", "will", "expect", "intend",
"estimate", "anticipate", "believe", "continue", "plans", or similar
terminology. Forward-looking information is based on reasonable assumptions that
have been made by Sandstorm as at the date of such information and is subject to
known and unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of Sandstorm to
be materially different from those expressed or implied by the forward-looking
information, including but not limited to: the impact of general business and
economic conditions; the absence of control over operations from which Sandstorm
will purchase commodities and risks related to those operations, including risks
related to international operations, government and environmental regulation,
actual results of current exploration activities, conclusions of economic
evaluations and changes in project parameters as plans continue to be refined;
problems inherent to the marketability of commodities; industry conditions,
including fluctuations in the price of commodities, fluctuations in foreign
exchange rates and fluctuations in interest rates; stock market volatility;
competition; as well as those factors discussed in the section entitled "Risks
to Sandstorm" in Sandstorm's annual report for the financial year ended December
31, 2012. Although Sandstorm has attempted to identify important factors that
could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that such
information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information. Accordingly,
readers should not place undue reliance on forward-looking information.
Sandstorm does not undertake to update any forward-looking information that is
contained or incorporated by reference herein, except in accordance with
applicable securities laws. Sandstorm does not provide any representation as to
its comparability with other companies in its industry including, but not
limited to, Franco-Nevada Corporation, BHP Billiton and Rio Tinto.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sandstorm Metals & Energy Ltd.
Nolan Watson
President & Chief Executive Officer
(604) 689-0234
Sandstorm Metals & Energy Ltd
Denver Harris
Investor Relations Contact
(604) 628-1178
www.sandstormmetalsandenergy.com
Sandstorm Metals And Energy Ltd (TSXV:SND)
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