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LIBERTY LAKE, Wash., Dec. 20, 2016 -- Hunt Mining Corp. (the “Corporation” or “Hunt”) (TSX-V:HMX) is pleased to announce the signing of an agreement (“Tailings Agreement”) to sell existing Tailings from the Martha Tailings Area (“Tailings”) from its wholly owned subsidiary, Cerro Cazador S.A. to Minera Triton Argentina S.A.(“Minera Triton”), a wholly owned subsidiary of Pan American Silver Corp. (NASDAQ:PAAS) (TSX:PAA) for further processing and extraction of gold and silver at the Pan American Silver Corp. premises at Manantial Espejo mill, located in Santa Cruz Province, Argentina. The Manantial Espejo mill utilizes vat leach extraction. Under the terms of this Tailings Agreement, Hunt will make available for sale to Minera Triton up to 10,000 dry tonnes of Tailings per contract month. Payments will be calculated by subtracting costs incurred from net smelter return, which will then be split equally between Hunt and Minera Triton.
As an addendum to the tailings agreement, Cerro Cazador S.A., a division of Hunt Mining Corp., has received $250,000 USD as an advance payment toward delivery of the first 25,000 tonnes of material from the Martha tailings area.
Chief Executive Officer and Executive Chairman Tim Hunt states, “We are extremely pleased to be working with Pan American Silver Corp. in providing existing tailings from our Martha Project in Santa Cruz Province, Argentina. Pan American is a leader in the development of mining assets in Argentina. Our commitment to mining in Argentina is being recognized by government officials in Argentina, and we look forward to the commencement of mining and milling operations at the Martha Project.”
The Corporation entered into a definitive agreement with Coeur Mining to purchase the Martha Project on February 10, 2016 and closed the acquisition of the Martha Project on May 12, 2016. The Corporation remains on schedule to resume production at the Martha Project in Q4 2016. In addition to the Martha Project and associated equipment at the facility, Hunt holds a large land position in the Santa Cruz Province, Argentina of 37 properties covering an area of 1,737 km sq. (429,407 acres).
Additional information on the Martha Project and other Santa Cruz, Argentina projects can be viewed on the Company website at: www.huntmining.com.
About Hunt Mining
Hunt Mining Corp. has continued to develop its properties as an active and aggressive explorer in Santa Cruz since 2006. During that time, Hunt's wholly owned subsidiary, Cerro Cazador S.A., has completed exploration activity including 62,000 meters of HQ core drilling, 416 line kilometers of Induced Polarization geophysical surveys and more than 20,000 surface soil, sediment, channel, chip, and trench samples, beyond the historical work previous to the same properties. Hunt also owns a 100% interest in the Martha property, which includes the Martha Project, also located in the Santa Cruz Province of Argentina.
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. The Corporation has provided the forward-looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward-looking statements may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Corporation’s control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Corporation will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.
For more information contact: Dean Stuart Investor Relations T: (403) 617-7609 E: [email protected] Bob Little Chief Administration Officer T: (509) 290-5659 E: [email protected]
