Arizona went through a challenging period of extreme weather conditions throughout August, posing a severe risk to both equipment and personnel. After the challenging period, Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) has announced its decision to resume mining operations at the Buckeye Mine, facilitated by a strategic investment.
The state experienced an unprecedented heatwave, with temperatures soaring to dangerous levels, exceeding 150 degrees Fahrenheit. Such conditions had led to Silver Bullet as well to temporarily halt its mining operations.
However, with the return to more favorable weather conditions, SBMI has decided to continue mining activities at the Buckeye Mine, with material processing at the mill set to start within a month.
The well-established figure in the mining industry has secured a substantial investment of USD$350,000 from an independent third party. This investment, structured as a five-year loan with zero interest, is backed by valuable on-site equipment in Arizona, strengthening the company’s financial position.
The Investor, after conducting thorough research, including comprehensive metallurgical evaluations, expressed interest in collaborating on additional projects in Arizona and Colorado.
On July 7, 2023, SBMI disclosed the continuation of the Silver Purchase Agreement initially outlined in its press releases of April 27, 2023, and May 4, 2023. Commencing on June 30, 2023, both the Purchaser and SBMI entered into verbal negotiations to extend the agreement’s duration until August 31, 2023, and they are actively engaged in the process of formalizing this extension in writing, including specifying a new expiration date.
This collaboration is expected to boost SBMI’s revenue substantially and expand its operational capacity, making SBMI the preferred service provider for the investor.
Furthermore, the Investor may become SBMI’s largest customer, with the potential to purchase dore bars produced at the mill as the partnership progresses.
SBMI also extended its silver purchase agreement with a key purchaser, emphasizing its dedication to ongoing partnerships and market stability. SBMI’s strategic decisions and recent investments signal a promising future for the company in the Arizona’s mining sector.
Stock price: SBMCF (OTCMKTS) $0.10 0.00 (-2.78%)
(As of Sep 7, 4:00 PM EDT)
For further information, please contact:
Silver Bullet Mines Corp., CEO
+1 (905) 302‑3843
Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
+1 (416) 890‑1232