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Share Name | Share Symbol | Market | Type |
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Yukon Zinc Corp Com Npv | TSXV:YZC | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Yukon Zinc Corporation (TSX VENTURE:YZC) is pleased to announce that it has selected Glencore and MRI Trading AG as the buyers for all of its initial projected Wolverine concentrates production. "Yukon Zinc is very pleased to have reached agreements-in-principal with two global leaders in metals concentrate markets with their excellent worldwide market access. These agreements, once executed, will provide a secure market for the concentrates from Wolverine and supports our continuing financing efforts" says Robert McKnight P.Eng., Yukon Zinc's Vice-President, Corporate Development. Concentrate purchase contracts with the two buyers have been drafted based on their proposals. The key concentrate purchase terms are summarized as follows: Concentrates: Zinc, copper and lead concentrates containing significant silver and gold credits Buyers: Glencore and MRI Trading AG Volume: 100% of the projected Wolverine output of zinc, copper and lead concentrates, with the associated silver and gold contained within the concentrates. Term of Contract: approx. 5 years of Wolverine production for a period ending December 31 2013 Concentrate Terms: competitive for all concentrates; the treatment charges for the concentrates are based on Asian benchmark with payment factors for primary and precious metals within industry-standard norms.; penalties for deleterious elements aggregate less than 2.5% of payable metal returns, Concentrate Delivery: Port of Stewart, or other agreed loadout port; FOB mine site option Markets: Primarily Asia, including China and Korea The concentrate purchase contracts are two of the many contracts covering the delivery of Wolverine Project construction and operations services. The draft concentrate purchase contracts will be finalized with completion of project financing and executed as part of the documentation required for financial close of the senior debt arranged by Barclays Capital (see August 27, 2007 News Release). Wolverine Development Program Yukon Zinc has an experienced development team in place spanning engineering, procurement and construction management and commissioning and operations. The current development plan would see a production decision being made in fall 2007 following completion of project financing. The team has made good progress in planning for the development of the Wolverine Project as an underground mine and milling project. Construction management, underground mining and detailed design engineering contracts have been prepared and strategic agreements have been formed with major suppliers, Metso Minerals Canada and Finning Canada Ltd to secure long lead time equipment. Orders have been placed for ball and rod mills, diesel modular power plant and fabrications slots have been secured for other major process equipment. Yukon Zinc recently announced that Barclays Capital has issued a commitment letter for a US$140 million senior debt financing for the Wolverine Project. This facility forms the lead portion of the Wolverine project financing and its availability is subject to the customary conditions precedent, including the raising of sufficient additional capital to complete the project development. The Company continues to advance the Wolverine Project as the Yukon's next significant zinc-silver mine while it works to secure the remaining project financing. This news release contains forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of failure to complete the proposed senior debt financing, failure to obtain the required equity, failure to obtain necessary regulatory approvals, failure to secure key permits, senior project debt and equity financing, mine development and operational risks and other risk factors beyond Yukon Zinc's control; and actual results may differ materially from the expected results. 12G: 82-4603
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