Vancouver, British Columbia–(Newsfile Corp. – May 11, 2023)- Bear Creek Mining Corporation (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) (“Bear Creek” or the “Company”) announces the following: Sandstorm Gold Co., Ltd. (“Sandstorm”) has advanced an additional US$5 million to Bear Creek pursuant to an amendment to the Gold Purchase Agreement between the parties originally dated December 17, 2022 (the “Gold Purchase Agreement”) (dated December 17, 2022). See Bear Creek Mining News Release on 17th 2022). Proceeds from the additional stream upfront will be used to facilitate access to certain high grade areas of the Mercedes mine and for general working capital purposes.
Under the Gold Purchase Agreement, the Company will initially deliver 25,200 ounces of gold over a period of 42 months (the ‘Fixed Delivery Term’), followed by delivery of 4.4% of the output from the Mercedes Gold Mine (the ‘Variable Delivery Tranche’). ) was asking. “) In exchange for the initial payment by Sandstorm, the US$37.5 million used as part of the payment for the acquisition of Mercedes was paid. Represents 7.5% of the spot gold price per ounce and 25% of the spot gold price per ounce of gold delivered pursuant to the floating delivery tranche.
The terms of the Gold Purchase Agreement, as amended on May 11, 2023, extended the fixed delivery period and deliverable ounces of gold, according to which Bear Creek will deliver 600 ounces of gold each month to Sandstorm for an additional seven months. (29,400 ounces over 49 months at a price equivalent to 7.5% of the gold spot price at the time of delivery) in exchange for an additional payment of US$5 million. All other delivery and payment terms of the Gold Purchase Agreement remain the same.
A total of 7,200 ounces of gold has been sold to Sandstorm to date pursuant to the Gold Purchase Agreement. No delivery or payment amendments have been made for additional gold and silver stream contracts with Bear Creek and Nomad Royaly Co. Ltd. (a wholly owned subsidiary of Sandstorm).
On behalf of the Board of Directors,
Anthony Hawkshaw
chief executive officer
For more information, please contact:
Barbara Henderson – Vice President of Corporate Communications
Direct: 604-628-1111
Email: This email address is being protected from spambots. JavaScript must be enabled to view.
www.bearcreekmining.com
Subscribe To Bear Creek Mining News
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking statements regarding: Terms and Conditions of the Sandstorm Gold Purchase Agreement, as amended. future plans, expectations, guidance, prospects, objectives, estimates, projections and other statements regarding our expectations with respect to such matters; These forward-looking statements are provided as of the date of this news release or, if applicable, the effective date of the documents referenced in this news release, and are based on our current beliefs about the future. It reflects predictions, expectations or beliefs about events. The time the statement was made, various assumptions made by the speaker, and information currently available. In making the forward-looking statements contained in this news release, the Company has applied several important assumptions, including, but not limited to, that the terms and conditions of the Gold Purchase Agreement will not be subject to material change. I’m here. Although management believes these assumptions are reasonable based on available information, they may prove incorrect. Forward-looking statements by their nature are subject to general and certain inherent risks and uncertainties, and we believe that estimates, projections, projections and other forward-looking statements may not be achieved or are based on them. There is a risk that the assumption that future experience. Readers are cautioned not to place undue reliance on these forward-looking statements, as a number of important factors could cause actual results to differ materially from those expressed in these forward-looking statements. These risk factors may be generally described as the risk that the assumptions expressed above may not occur, but specifically the risks associated with general market conditions and our most recent Annual Information Form and Additional risks set forth in other disclosure documents submitted, including but not limited to. By us on SEDAR. The foregoing list of factors that may affect future results is not exhaustive. Investors and others should carefully consider the aforementioned factors and other uncertainties and potential events. We undertake no obligation to update any forward-looking statements, whether written or oral, made from time to time by us or on our behalf, except as required by law.
Neither the TSX Venture Exchange nor its regulated service providers (as that term is defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.
