Hunt Mining Signs First Gold Concentrate Agreement With Ocean Partners USA Inc.
TSX VENTURE: HMX
LIBERTY LAKE, Wash., May 08, 2018 (GLOBE NEWSWIRE) -- Hunt Mining Corp. (the “Corporation” or “Hunt”) (TSX-V:HMX) (OTC:HMXZF) is pleased to announce it has signed an Offtake Agreement (“Agreement”) with Ocean Partners USA, Inc. (“Ocean Partners”) for the delivery of Gold-Silver concentrate (“Concentrate”) from the La Josefina Project (“La Josefina Project”) located in Santa Cruz Province, Argentina.
As part of this agreement, Hunt will receive a US $700,000 advance for the delivery of Gold-Silver concentrate from the La Josefina Project and will receive a further provisional payment upon shipment of the Concentrate from the loading port.
This Agreement is in addition to previous agreements between the two companies on Silver-Gold concentrate produced from the Martha Project and repays the advance with deductions withheld through the shipments of Ailin vein concentrate processed at the Martha mill. Grades tested and suitability for processing at the Martha mill has thus far been very satisfactory for fulfillment of the terms.
Ongoing production at the Martha Project is being undertaken without established mineral resources or reserves and the Corporation has not established the economic viability of the operations on the Martha Project. As a result, there is increased uncertainty and economic risks of failure associated with these production activities. However, a NI 43-101 compliant technical report from 2010 exists for the La Josefina project with Measured, Indicated and Inferred resources. The Ailin vein is a part of this resource estimate.
Ocean Partners delivers successful trading services to miners, smelters, and refiners. Ocean Partners operates in a number of countries, including Canada, Chile, China, Cyprus, Mexico, Mongolia, Netherlands, Peru, Taiwan, Turkey, United Kingdom, and the United States, and retains agency representation in Argentina, Australia, Bolivia, Brazil, Chile, Ecuador, India, Japan, South Africa, South Korea, Central/Eastern Europe and the former Soviet Union.
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, entering into production of silver and gold at the Mina Martha property in January 2017. Since 2006, 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.