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Tuesday, 25th November 2008 (1719 views)

Sherwood Copper has announced that it has closed a transaction with Silverstone Resources to sell the company all its payable gold and silver from the Minto mine located in the Yukon, Canada.

Under the terms of the deal, Silverstone is providing an upfront payment of $37.5 million (£24.7 million) to Sherwood in exchange for its payable gold and silver over the life of the mine from December 1st 2008.

Based in Vancouver, British Columbia, Sherwood is focused on the profitable production and development of high grade, open pit base and precious metals mines in Canada.

The company recently announced that it generated cash flow during the third quarter of this year of $29.9 million from its mining operations, including the Minto copper-gold project.

Kutcho Copper, a Sherwood subsidiary that owns the Kutcho copper-zinc-silver-gold project in British Columbia, has granted Silverstone a right of refusal on gold streams from the site.

Announcing its results for the quarter to September 30th 2008, Sherwood reported that it generated $55.1 million of net revenue and $29.9 million of cash flow from its mining operations over the three months.

 

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