Mutiny update dd 20 aug 2013copied from their site:
Deflector Project Update
Mutiny is pleased to report that it has successfully renegotiated a Metal Purchase Agreement (MPA) with Sandstorm Gold Ltd as part of a restructuring of the proposed financing package to commercialise the high grade, low cost Deflector copper-gold project, which is located within the wider Gullewa project area.
Under the amended Metal Purchase Agreement, Mutiny and Sandstorm have agreed to decrease the size of the Sandstorm’s financing facility from US$41 million to the US$6 million already drawn down by Mutiny (see ASX announcements 31 July 2012, and 30 April 2013) in exchange for a reduced right to purchase 2.6% of the gold, as compared to a previous figure of 15%.
The amended MPA comes as Mutiny Gold is finalising a study detailing a major reduction in start-up costs for the Deflector copper-gold project, the full results of which it looks forward to reporting to the market once the detailed report has been completed.
The Company also reports it is currently engaged in discussions with US-based funds which have expressed interest in providing financial support for a Deflector development.
The Company has recently re-engaged with a number of banks on their potential participation.
In addition, Sandstorm has expressed interest in providing stream financing for the capital costs associated with expanding Deflector’s planned annual production rate of 70,000oz Au Eq per annum to an annual production in excess of 100,000oz Au Eq per annum.