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Sotkamo Silver announces

Significant increase of ore reserves at the Silver Mine

 

(Sotkamo Silver press release, published Tue, 11 March 2014, 09:00 CET)

Sotkamo Silver ordered an update of the earlier prepared Bankable Feasibility Study from CTS Engtec Oy where estimates and calculations are based on this new information, present costs, the new mine-plan as well as new tenders from equipment providers, mining- and construction companies. This up-dated BFS will be published in March 2014.

Sotkamo Silver is pleased to announce significant increase of ore reserves at the Silver Mine. Ore reserves in categories proven and probable are totally 3 336 000 tons, with 102 g/ton Ag (JORC code 2012).

Compared to previous estimate of ore reserves the total reserves have increased with 33 % to 10 940 026 Oz (troy ounce) silver. Increase is 12 % in tonnage and 18 % in silver-content.

During the first four planned production-years the silver-content will vary between 120 to 130 g/ton and gold-content will be about 0.4 g/ton. During the third planned production-year the plan-capacity is planned to increase from 350 000 tons to 450 000 tons/year. Planned production-time based on presently known reserves will be 8 to 9 years.

Beside these ore reserves there are earlier published mineral resources of 1,33 million tons inferred resources  with 75 g/ton silver and about 0,5 million tons containing more than 100 g/ton Ag. A substantial portion of these resources are expected to be converted to ore reserves in a cost-effective way, with reasonable amount of drilling from existing decline.

 

Table. Ore reserves in the Silver Mine, March 2014.

 

The ore reserves have been estimated according to Australian JORC code (2012). Estimates are done with a “net smelter return cut-off” of 35 €/ton for underground-mining and 25 € /ton for open-pit mining. Ore recovery is estimated to be 90 %. A side-rock dilution of 15 % in underground and 10 % in open-pit mining has been applied. Silver-content in diluting side-rock is estimated to be 31.3 g/ton Ag.

Mine-plan and associated ore reserves calculation has been prepared by Jouni Kankkunen MSc (Mining), MAusIMM.  Outotec (Finland) Oyj has been asked by Sotkamo Silver Oy to review the mining-section inclusive mine-planning and ore reserve estimates for the up-dated Bankable Feasibility Study. This review was performed by Pekka Lovén, MSc (Mining), MAusIMM (CP) at Outotec (Finland) Oyj. He is a   Competent Person according (JORC, 2012). The up-dated ore reserves are based on information both from completed Bankable Feasibility Study and information from Sotkamo Silver.

Sotkamo Silver ordered an update of the earlier prepared Bankable Feasibility Study from CTS Engtec Oy where estimates and calculations are based on this new information, present costs, the new mine-plan as well as new tenders from equipment providers, mining- and construction companies. This up-dated BFS will be published in March 2014.

” I am very pleased with the increase of the ore reserves, amount of silver in ore and the new mine-plan. Next step is to increase the high-grade ore reserves, reduce costs and increase the profitability. Main target for 2014 is to announce that our financing plan is completed and that we start the mine-construction. Latest achieved results have once again confirmed that the planned issue and present activities are well motivated. I am convinced that these actions and continuous improvements are key to our success, which will create an economically strong future for the Company.” says Timo Lindborg, CEO.

 

Stockholm March 11th 2014

Sotkamo Silver AB (publ)

Timo Lindborg, CEO

 

 

About Sotkamo Silver AB:

Sotkamo Silver AB´s business concept is to exploit mineral deposits in the Nordic countries with regards to human society and environment. Sotkamo Silver owns, through its subsidiary mineral deposits, which contains silver and gold in Finland. The Company’s main development project is the Silver Mine project in the municipality of Sotkamo.

Sotkamo Silver applies SveMin’s & FinnMin’s respective rules of reporting for public mining & exploration companies. Sotkamo Silver has chosen to report mineral resources and ore reserves according to the internationally accepted JORC or NI 43-101-code. The company applies International Financial Reporting Standards (IFRS) as approved by the European Union.

The ticker symbol is SOSI in NGM and SOSI1 in NASDAQ OMX Helsinki.

ISIN-code for Sotkamo Silver shares is SE0001057910.

Read more about Sotkamo Silver on www.sotkamosilver.com or www.silver.fi

For further information: Timo Lindborg, CEO, tel. +358 40 508 3 507

 

The official Stock Exchange Release is given in Swedish and there may be slight differences in the translated versions.

 

 


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