Sandspring Receives First Draw Down Under Its Streaming Agreement with Silver Wheaton
24 12월 2013 - 7:58AM
Marketwired
Sandspring Receives First Draw Down Under Its Streaming Agreement
with Silver Wheaton
DENVER, COLORADO--(Marketwired - Dec 23, 2013) - Sandspring
Resources Ltd. ("Sandspring" or the "Company") (TSX-VENTURE:SSP) is
pleased to announce that it has received the initial draw down of
US$13.5 Million (the "Initial Draw Down") from Silver Wheaton
(Caymans) Ltd., a wholly owned subsidiary of Silver Wheaton Corp.
pursuant to the terms of the precious metals purchase agreement
that was announced in November. Under the agreement, Silver Wheaton
agrees to pay Sandspring total cash consideration of US$148.5
million plus an ongoing production payment of the lesser of US$400
(subject to a 1% annual inflation adjustment starting in the fourth
year after the completion test is satisfied) and the prevailing
market price for 10% of the life of mine payable gold production
from the Company's Toroparu Project in Guyana S.A. The Initial
Drawdown was payable upon meeting certain conditions which have now
been satisfied. The proceeds from the Initial Drawdown will be used
primarily for advancement of the final feasibility documentation
for the Toroparu Project.
The balance of the US$148.5 million is subject to Silver
Wheaton's election to proceed and is payable in installments during
construction of the Toroparu Project once all necessary mining
licenses have been obtained and conditions pertaining to final
feasibility, the availability of project capital finance, the
granting of security to Silver Wheaton and other customary
conditions are satisfied. If following receipt of feasibility
documentation, or after December 31, 2015 if feasibility
documentation has not been delivered, Silver Wheaton elects not to
proceed, Sandspring may elect to either return US$11.5 million to
Silver Wheaton and terminate the agreement or to reduce the stream
percentage from 10% to 0.774%.
Sandspring's financial advisor in the precious metals purchase
agreement was Cutfield Freeman & Co and Davies Ward Phillips
& Vineberg LLP was Sandspring's legal advisor.
About Sandspring
Sandspring Resources Ltd. is a Canadian junior mining company
currently moving toward a definitive feasibility study for the
multi-million ounce Toroparu Project in the Republic of Guyana.
Visit Sandspring's website at www.sandspringresources.com.
Additional information on Sandspring can be viewed on SEDAR
under the Company's profile at www.sedar.com or on Sandspring's
website at www.sandspringresources.com.
This press release includes certain forward-looking
statements concerning future performance and operations of the
Company, including the successful completion of the Company's final
feasibility study, as well as management's objectives, strategies,
beliefs and intentions. Forward-looking statements are frequently
identified by such words as "may", "will", "plan", "expect",
"anticipate", "estimate", "intend" and similar words referring to
future events and results. Forward-looking statements are based on
the current opinions and expectations of management at the time
such statements are made. All forward-looking statements and
information is inherently uncertain and may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information.
Forward-looking statements are subject to a variety of
assumptions, risks and uncertainties, including risks associated
with the ability of the Company to satisfy the conditions precedent
to payment of the advance under the precious metals purchase
agreement, the speculative nature of mineral exploration and
development, fluctuating commodity prices, changes in project
parameters as plans continue to be refined, uncertainties of
project cost overruns or unanticipated costs and expenses,
uncertainties inherent in conducting operations in a foreign
country, uncertainties related to the availability and costs of
financing needed in the future, uncertainties related to the
ability to enter into the contracts necessary to develop the mining
project on reasonable terms, the risk that the conclusion of
pre-production studies may not be accurate, the risk that the
Company may be unable to successfully advance the Toroparu Project
to feasibility, risks that the Company may not obtain positive
results from ongoing evaluation and testing of multiple gold
targets located elsewhere in the Company's landholdings, operating
or technical difficulties in connection with mining or development
activities, labour disputes, and contests over title to properties,
particularly title to undeveloped properties, among other risks as
described in our public filings available at www.sedar.com. Actual
events or results may differ materially from those projected in the
forward-looking statements and we caution against placing undue
reliance thereon. Sandspring Resources Ltd. has an ongoing
obligation to disclose material information, as it becomes
available.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Sandspring Resources Ltd.Richard A. MunsonChief Executive
Officer(720)
854-0104info@sandspringresources.comwww.sandspringresources.com
Sandspring Resources (TSXV:SSP)
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