RE:RE:Re:GMTN shipping gold ore to New AftonAnd no news release from NGD .... interesting how we are the last to know. According to the news release we signed a letter of intent back in June ??? I missed that NR.
got this from GMTN site ...
first delivery of ore to New Gold Inc.'s ("New Gold") New Afton Mine ("New Afton") in Kamloops, BC located 133 km from the Elk Gold Mine. "Pursuant to the terms of the Ore Purchase Agreement ("OPA"), each truck leaving the Elk Gold Mine is weighed on-site to determine the weight of the ore being delivered. An assay is taken representing each day's gold and silver grades for delivered ore which, along with the truck scale tickets, combine to create a total metals value that are reconciled on a monthly basis. Gold and silver prices are determined based on the monthly average of the official AM/PM London Bullion Market Association for gold and London Metals Exchange for silver. The OPA differs from a traditional "toll milling" arrangement in that Gold Mountain is paid based on the value of the ore delivered to New Gold and bears no risk of processing recovery." Under the terms of the OPA, the Company will deliver 70,000 tonnes of high-grade ore per annum or approximately 200 tonnes per day to New Gold. The OPA has a term of three years and is effective upon the first delivery of high-grade ore. In June 2021, the Company announced that it signed a letter of intent with New Gold to increase its tonnage delivered to New Afton from 70,000 to 350,000 tonnes per annum beginning in Year Four. The increase in tonnage delivered is subject to both the Company and New Gold obtaining the necessary regulatory and Indigenous approvals.
more at ... Gold Mountain Delivers First Shipment of Ore to New Gold Inc. (accesswire.com)