Production has commenced at Sandstorm Metals & Energy Ltd.'s Bracemac-McLeod mine at an average rate of 3,000 tonnes per day. The mine operator, Glencore Xstrata PLC, is now processing copper and zinc ore from the mine and Sandstorm is entitled to purchase an amount equal to 24.5 per cent of the copper produced through its copper stream agreement with Donner Metals Ltd. Donner has a 35-per-cent joint venture interest in Bracemac-McLeod. In accordance with the copper stream agreement, Sandstorm will purchase copper at 80 U.S. cents per pound for the life of the mine.
Sandstorm president and chief executive officer, Nolan Watson, commented: "The copper sold from Bracemac-McLeod is expected to generate Sandstorm's first material cash flow. We expect to begin receiving our portion of the copper during the fourth quarter of this year and we believe the mine has the potential to produce for a significant number of years."
SANDSTORM METALS AND ENERGY LTD n/a n/a
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